Hobbs's property firm back in profit after two years of losses - Gordan Deegan ->
However, the crash in the property sector resulted in the company raising only €12.6m from investors through the public round of funding.
The figures show that the company's cash further reduced last year from €1m to €135,691. The firm had a bank loan of €18.5m at the end of the year.
The accounts show that the four directors -- Mr Hobbs, Vincent Regan, Hugh O'Neill and Dermot Flanagan -- received an aggregate €26,933 in directors' remuneration in 2011.The accounts show that a sister company with the same directors, Brendan Investments Property Management (BIPM) Ltd was paid €334,900 by BIPEP, inclusive of directors' salaries of €107,400 during 2011.
The refurbishment costs in 2010 stemmed from the tenant for the building, the DAX-listed Arcandor going into liquidation in October 2009.there is more