While revenue at the M&J Gleeson Group was down 37.5% to €160 million last year the main reason for the losses was a write-down of €29.2 million in fixed assets together with a €4.5 million write-down in goodwill and a near €4 million write down in stock.
The Borrisoleigh based company – which includes Tipperary Mineral Water, Bavaria Beer and Finches among its brands – was bought by the C&C Group in 2012 for just under twelve and a half million.
The directors report says they will continue to seek growth through the development of new and existing products and markets as it integrates with the Irish business of C&C.
There are 625 people employed by the M&J Gleeson Group which is down 30 while staff costs have been cut from €20 million to €12 million.
