Irish furniture manufacturer Gerfurn Limited has delved deeper in the red after reporting a loss for a second successive year.
According to the Irish Times, Gerfurn, which is based in Athlone, posted an annual loss of €13,583 (£10,618) in its latest accounts for the year ending 31 March 2015.
The figure, albeit reduced, adds to the previous loss of €243,572 (£190,486) incurred last year, with the company owner confirming that he will pump in funds to allow the business to continue as a ‘going concern’.
Furniture firm Gerfurn, which was established in 1987, is owned by John Delaney, who is also the Football Association Ireland (FAI) CEO, and has recently seen a board change with the appointment of Clodagh Kelvin on 10 May 2016, replacing Gerard Moran, who has retired, effective from the same date.
Stated within the filed accounts, the report said: “The company has made losses in the current and prior year and is currently in negotiations with its bank to restructure debt.
“The company’s majority shareholder had confirmed that he is willing to provide financial support to the company for the foreseeable future sufficient to allow the company to continue as a going concern.”