Rock musician Van Morrison is set to become the new owner of Windmill Lane Recording Studios in Dublin.
Industry sources confirmed to The Irish Times yesterday that reports stating that Morrison had bought the studios were correct. It was not possible to establish the price at which the business was sold.
One of the company's directors and biggest shareholders, Andrew Boland, said he was not in a position to comment on the reports.
The current issue of music fortnightly, Hot Press, quotes Mr Boland as saying that the story is true, but he told The Irish Times yesterday that he made "no such comment" to the magazine.
It was not possible to contact his fellow shareholder and director, Brian Masterson, as he is currently away on business.
Windmill Lane is the country's best-known recording studio, and its clients have included U2, Van Morrison and REM.
It has also done business with RTÉ, and Michael Flatley's Lord of the Dance company and show.
Businessman James Morris, who recently sold his interest in TV3, and his brother, Tim Morris, originally established the business.
In the 1990s they sold it to Mr Masterson, then its chief engineer and Mr Boland. They then moved the studio to its current base on Ringsend Road in Dublin.
The Morris brothers continue to run Windmill Lane Pictures, but the two companies are in no way connected.
A trading company called Ringlet Ltd owns Windmill Lane Recording Studio. According to returns made to the Companies' Registration Office, Mr Masterson directly owns just over 66 per cent of this, while Mr Boland owns 25 per cent.
Both men own a further 8 per cent through a holding company called Ringsend Road Music Group. Mr Masterson owns 52 per cent of this and Mr Boland holds 48 per cent.
A number of small shareholders own remaining shares in the company, but their total stake amounts to less than 1 per cent.
The company's balance sheet indicates that it was profitable in 2004. Retained profits on the 31st of October that year increased by over €92,000 to €480,984 from €388,183 a year earlier.
Shareholders' funds - the value of the company's assets minus liabilities - stood at €1.15 million on the same date.
This figure does not necessarily indicate what the sale price could have been, as that would be determined by the company's turnover, profitability, ongoing and future contracts, as well as a range of other factors.
The figures also show that in 2004, the company contributed €31,993 to the directors' pension scheme. There are no other directors besides Mr Boland and Mr Masterson.
