Friday, 15 December 2006

Ronan’s burning losses

From The Phoenix:

ANNOYING John Magnier is a foolish business – just ask Alex Ferguson. Enfer millionaire Louis Ronan – who was at the centre of a bitter row over a planned incinerator near Cashel – has also found out for himself.
Avglade Ltd, which owns National By-Products, the meat-rendering company behind the controversial incinerator plan, is carrying accumulated losses of a whopping €25m. This follows an awful 2005 during which it lost nearly €12m when sales dropped by a third. Ronan owns 86% of the company and his brothers, David and John, have 2% each, while Nicholas Tierney owns the balance.
Ronan brought down Magnier’s wrath when National By-Products announced plans for an incinerator in Rosegreen near Cashel, down the road from Magnier’s Coolmore Stud and trainer Aidan O’Brien’s Ballydoyle Stables. An Bord Pleanála was inundated with objections as Magnier and O’Brien led the opposition to the project. Ronan eventually backed off and National By- Products no longer trades. National By-Products is one of a number of Avglade companies but as the accounts don’t break down turnover, it’s impossible to accurately attribute the individual losses. Significantly, auditors P.F. Leonard & Associates note that the directors are to hold an extraordinary general meeting “to review its financial situation.”

No comments: