Pamela Scott targeting return to profit by 2018

The Irish fashion retailer is aiming to leave piling losses behind and return to profit by 2018. The Barron family, which owns the womenswear chain through its investment vehicle Flairline Fashions, has injected 2.5 million euros in loans into the business last year.

The owners of Pamela Scott fashion said their five-year plan anticipates a return to profit for 2018. In the directors’ report section of the accounts, to which the ‘Irish Examiner’ had access to, the Barron family said that they expect the business “to continue to grow its operations in the upcoming year”.

Latest accounts show the business recorded a pre-tax loss of 856,557 euros in the 12 months to the end of August 2015. Revenues dropped 5.5 percent, or 1.2 million euros, to 21.2 million euros.

The womenswear chain is celebrating 40 years in business this year and owns 21 outlets after 12 of them exited examinership in 2013 after agreeing new rent deals. The firm’s loss, last year, takes account of lease costs reducing from 3.32 million euros to 3.1 millions, non-cash depreciation costs of 253,37 euros and impairment costs of 52,65 euros.

Despite exceptional gains including the write down of a bank loan worth of 501,16 euros and a 136,89 euros gain on the disposal of a lease, the firm recorded pre-tax loss of 856,56 euros.

The company’s shareholders are listed as founder and driving force Sean Barron, Michaelina Barron, John Barron, Richard Barron, Robert Barron and Scott Barron.

The latest accounts state that they will continue to support the group for the upcoming year, reports the ‘Irish Telegraph’.