Pamela Scott firm Flairline Fashions last year recovered from Covid-19 retail restrictions as revenues increased by 75% to €17.77m.
New accounts filed by ladies fashion retail firm Flairline Fashions Ltd show that the business recorded pre-tax profits of €273,289 in the 12 months to the end of August last.
The profits were down sharply on the €4.5m pre-tax profits for 2021.
But the 2021 pre-tax profits were skewed by a €3.5m gain largely as a result of the owner of Pamela Scott, Sean Barron writing off a €2.7m loan owed to him by the company and €1.86m made up of mainly Covid-19 supports.
Last year revenues increased by €7.6m from €10.17m to €17.7m.
Twelve stores from the wider Pamela Scott group were shut down in October 2020 following the appointment of provisional liquidators to two connected firms of Flairline Fashions.
Today, the Pamela Scott group consists of 23 stores with 20 under the flagship Pamela Scott banner, two Ashley Reeves and one Lisa Perkins outlet.
The consolidated accounts for Flairline Fashions cover the performance of 13 retail subsidiaries including Pamela Scott (PS) Clothing for the likes of Kilkenny, Ennis, Waterford, Wexford, Navan, Kilkenny and Pamela Scott online.
However the new accounts show that Flairline Fashions is on a growth path once more.
Directors confirmedin a post balance sheet event that a Flairline subsidiary has opened a new Pamela Scott retail outlet at Kilmore Road in Beaumont, Dublin 5.
Numbers employed at the business last year increased sharply from 92 to 171 as staff costs almost doubled from €2.7m to €4.7m.
Directors' pay also increased sharply rising from €431,493 to €603,458 made up of remuneration of €547,663 and pension contributions of €55,796.
The directors stated that the group "traded well in the financial year recovering significantly from the impact of Covid-19 which affected all retailers".
The directors said the group's online platform continues to trade well and the group are continuing to invest in their online sales platform".
A breakdown of revenues for last year show that sales at the company’s "bricks and mortar" stores more than doubled from €6.66m to €14.95m while online sales reduced from €3.5m to €2.81m.
A note attached to the consolidated accounts states that Sean Barron has a fixed and floating charge over the group’s assets as security for loans granted by him to the group.
Sean Barron remains a director of the business and during the year the firm made net repayments of €206,865 to Mr Barron with €320,445 owed to him by the end of the year.
A separate note states that at the end of August last, Richard Barron, Robert Barron, John Barron and Scott Barron were the joint controlling parties of the business.
The note states that Richard Barron held 49% of ordinary 'A’ shares with Robert Barron, John Barron and Scott Barron each having a 17% share.
At the end of August last, accumulated profits totalled €1.03m. The company’s cash funds increased from €5.04m to €6.85m.
Reporting by Gordon Deegan
