Wallace company has amassed debts of €444,000
Published 30/06/2015 | 00:00
A company largely owned by Wexford Deputy Mick Wallace has debts of €444,553 and recorded accumulated losses of nearly €215,000 last year, according to accounts filed to the Companies Registration Office (CRO).
The amassed debts are more than €100,000 less than in 2010 when they stood at €565,000.
Wallace Calcio Ltd, which was established by Mr. Wallace to run his chain of wine bars, cafés and restaurants, owed creditors €444,553 for the year ending August 31, 2014.
The firm's accumulated losses decreased during this period to €214,791 from €259,039 at the end of the previous financial year. In 2010 this figure stood at €141,502.
Mr Wallace is the largest shareholder in Wallace Calcio Ltd, with a 40 per cent stake. The 59-year old is listed as a director of the company along with his son Sasha (33).
Mr Wallace is a director of 10 other companies, according to the CRO, which operate in areas as diverse as clothing and construction.