The Irish Times – Thursday, February 7, 2013
Losses increase at Tony Quinn health Centres
GORDON DEEGAN
http://www.irishtimes.com/newspaper/finance/2013/0207/1224329744576.html
Losses at the healthcare retail firm owned by self-styled mind guru and controversial businessman Tony Quinn increased by almost €400,000 last year.
According to accounts just filed by Tony Quinn Health Centres Ltd, accumulated losses increased by €398,128 from €977,863 to €1.375 million in the 12 months to the end of September 2011.
The abridged accounts – signed off on December 19th, 2012 – show that the firm received a cash injection during the year of €3.5 million. This resulted in a shareholders’ deficit of €342,994 becoming positive shareholder funds totalling €2.75 million.
Mr Quinn, from Dublin and living in the Bahamas, is not a director of the company he founded but the firm is owned by his Jersey Island-based Baringo Trading.
Tony Quinn Health Centres Ltd operates 11 outlets in Dublin, Kilkenny, Galway, Cork and Dundalk. Mr Quinn opened the first store on Dublin’s Eccles Street in 1976.
A note attached to the accounts states: “The directors have a reasonable expectation, having made appropriate inquiries that the company has adequate resources to continue in operational existence for the foreseeable future.
“For this reason, they continue to adopt the going-concern basis in preparing the financial statements.”
The figures show that the firm’s cash-pile was reduced from €337,872 to €136,602.
Confirmation of the mounting losses at Mr Quinn’s firm follows a court ruling in the Caribbean last year that found that he was not validly appointed as a director of an oil firm.
Mr Quinn flew by private jet to attend the hearing from his home on Paradise Island in the Bahamas. Mr Justice Edward Bannister described Mr Quinn as a “highly controversial figure both in the Republic of Ireland and further afield”.
Filed under: Tony Quinn
It’s no surprise there are very heavy losses in the Tony Quinn Centres since the court case in Belize. No-one is buying his products because they’ve been screwed out of their money with his seminars. It’s certainly not good business putting 3.5 million into the centres just to keep them open. I think it’s simply the case that the Irish ‘business’ conman does not want to lose face. Since Quinn does not like to part with his money INE are probably keeping them open with B shareholders money. His ill-gotten gains are all that’s keeping them from closing down altogether.
Everything went very quiet after the programme Spotlight was shown. Quinn has the knack to silence SOME people BUT NOT ALL! It seems very quiet but there are too many Irish people wanting to know about his criminal activities and this story won’t go away till there is justice!