Deirdre Fo­ley firms sell €812,000 in ser­vices to Na­trium

Irish Independent - Business Week - - FRONT PAGE - Gor­don Deegan

COM­PA­NIES con­trolled by busi­ness­woman Deirdre Fo­ley last year pro­vided ser­vices to the value of €812,952 to the firm that bought Clerys de­part­ment store.

That is ac­cord­ing to new ac­counts filed by the firm, Na­trium Ltd.

The com­pany last month sold the de­part­ment store site for €63m af­ter ear­lier se­cur­ing plan­ning per­mis­sion for a €150m mixed-use de­vel­op­ment on the site.

Na­trium, led by Ms Fo­ley, bought the de­part­ment store for €29m from Amer­i­can group Gor­don Brothers in June 2015 un­der con­tro­ver­sial cir­cum­stances that re­sulted in the loss of 130 jobs.

The new ac­counts for Na­trium show that it has es­tab­lished a pro­vi­sion of €676,651 as the es­ti­mate of the costs to be in­curred on le­gal mat­ters aris­ing from a Work­place Re­la­tions Com­mis­sion (WRC) in­ves­ti­ga­tion and other court pro­ceed­ings.

In re­spect of the ser­vices pro­vided by Ms Fo­ley’s firms to Na­trium last year, a note at­tached to the ac­counts states that the com­pany re­ceived ser­vices from Ms Fo­ley’s FAM Ac­qui­si­tions to the value of €493,806 last year and €50,343 was out­stand­ing at year end.

In ad­di­tion, Na­trium re­ceived ser­vices to the value of €317,771 from Ms Fo­ley’s D2 Pri­vate.

The bal­ance out­stand­ing at the end of the year was €317,771.

Na­trium recorded losses of €1.14m last year and its spend last year in­cludes pro- fes­sional fees of €440,799, €493,806 in man­age­ment fees and debt man­age­ment fees of €150,000.

The ac­counts state that Ms Fo­ley has sought an in­dem­nity from the com­pany in re­spect of all le­gal costs as­so­ci­ated with the Ju­di­cial Re­view process ini­ti­ated by D2 Pri­vate and Ms Fo­ley.

The note states that the mag­ni­tude of any po­ten­tial costs can­not be re­li­ably mea­sured now and will only be­come clear fol­low­ing the con­clu­sion of the le­gal pro­ceed­ings.

Deirdre Fo­ley led the firm which bought Clerys de­part­ment store for €29m from Amer­i­can group Gor­don Brothers inJune 2015

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