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Post by shayne on Jun 11, 2007 13:04:34 GMT 8
Westlife singer’s property company files profit of just €30,000 over year
A PROPERTY company owned by Westlife star Shane Filan made a profit of just over €30,000 last year.
Shafin Developments, set up by Shane and his older brother Finbarr, is building 100 houses in Dromahair in Co Leitrim.
Accounts just filed for Shafin at the Companies Registration Office showed the small profit in the year to end-June 2006 was an improvement on the €52,463 loss in the previous year.
The company had stocks, which comprised as work in progress on the development, of €8.4m up from €3.8m in 2005.
Total bank borrowings at the end of June were €6.6m, an increase of €3.8m. These loans are secured against the assets, its land in Dromahair and personal guarantees by Mr Filan.
The accounts also show that the Westlife singer had loaned the company almost €850,000.
Based on the average national house price, the development in Dromahair could reap €30m for Shafin.
Mr Filan, 27, is estimated to have made around €10m from his time in Westlife. The boyband shows no sign of slowing down having just completed a lengthy European tour.
Irish examiner
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Post by eliar on Jun 11, 2007 20:38:43 GMT 8
they are so amazing....and they are earning a year 10m earumy god if i wear ther..i dont what i am gonna to do^..
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Post by LaLaFilan on Jun 12, 2007 14:31:34 GMT 8
uhmm..what's this actually all about? im so lost with these numbers,plenty of money theyre talking about..
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Post by mefikus harley on Jun 12, 2007 21:30:31 GMT 8
hehe... but i hope this year will be a better year for their business... ;D
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Post by shayne on Jun 15, 2007 20:54:12 GMT 8
uhmm..what's this actually all about? im so lost with these numbers,plenty of money theyre talking about.. i think it's telling that the business isn't going very well
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Post by LaLaFilan on Jun 18, 2007 17:04:42 GMT 8
ohh..too bad..
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Chel
Get off the PC!
dream.
Posts: 4,292
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Post by Chel on Jun 30, 2007 16:21:54 GMT 8
it's quite small from what they're expecting..
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Post by eliar on Jul 1, 2007 12:15:35 GMT 8
what small...to me thats so big...i cant build my own manchion in that moneyT_Tsmall
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Chel
Get off the PC!
dream.
Posts: 4,292
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Post by Chel on Jul 1, 2007 21:39:39 GMT 8
big for us, small for them.
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