‘Square’ company notches up €1 m in losses last year
By Brendan Grehan
THE company which runs The Square Shopping Centre in Tallaght, racked up a €1.1m loss in 2015, following a €939,000 loss in 2014.
The Square is majority-owned by Indego, but the day-to-day operations are handled by a subsidiary firm called The Square Management.
Accounts filed for The Square Management show that its net liabilities rose to €16.2 million during the 12 months to the end of September last year – a jump of more than €200,000 compared with the previous financial year.
In 2013 the National Assets Management Agency (Nama) took full control of the shopping centre.
The accounts show that the centre generated €6.3 million in rent last year, the same as 2014, and, while most of its costs were largely unchanged and administrative expenses fell, other operating income at the company dropped by €240,000 to €337,000, sinking the company into deeper financial trouble.
Service charge revenues amounted to €5.5 million, broadly unchanged from 2014 with car park turnover falling slightly from €810,840 to €790,013.
The group reported an operating loss from continuing operations of €441,273, up from €158,628 in 2014.
The company said its liabilities exceeded its total assets by €16.3 million, as against €14.9 million a year earlier.
At the end of September, it had current liabilities of €18.3 million, up from €16.8 million in the prior year.
A note attached to the accounts stated that an outstanding bank loan of€15.6 million was due to be repaid at the end of September last.
The owners of The Square, which was the largest shopping centre in Ireland when it opened its doors in late 1990, were given the green light for a €40 million extension in September 2014.
The plan to add about 200,000 sq ft of additional retail space was due to be completed by early 2017 but has been derailed due to an alleged series of disputes with Dunnes Stores.
Square Management, along with Nama and Indego, the shopping centre’s majority owner, filed court proceedings against the retailer late last year over allegations that the retailer was employing blocking tactics over the proposed redevelopment.
