herald

Thursday 14 December 2017

Gaybo raking it in again after media firm nets €450,000

IRELAND'S most celebrated broadcaster, Gay Byrne, has left his financial woes behind with the cash pile at his media firm climbing by almost €100,000 to €443,343.

Two years ago, Gaybo – who celebrated his 79th birthday last week – admitted that he was back at work again because his pension has been wiped out and his investments in property syndicates organised by financier Derek Quinlan were under severe pressure.

New accounts filed by the broadcaster's media firm, Gabbro Ltd, with the Companies Office show that even in semi-retirement, Byrne's finances have flourished.

The accounts – signed off by Byrne and his wife, Kathleen on August 1 – cover a two-year period dating from May 2011.

The abridged accounts show that the cash pile at the firm climbed by €94,114 from €349,229 to €443,343.

The company's balance sheet shows that the firm's accumulated profits increased by 26pc or €86,750 from €328,107 to €414,767.

The funds at the firm have grown steadily from €190,000 in 2008 to this year's high.

The revenues generated by the firm would include Byrne's one-man show that toured Ireland last year.

Byrne recently returned to our screens with the latest instalment of his Meaning of Life series with a much-lauded interview with Bono – 14 years after stepping down as presenter of the Late Late Show.

Only two years ago in a press interview, Byrne revealed that his personal pension pot had been wiped out.

 

STOCKS

 

HE SAID: "I NEVER HAD A PENSION IN RTE SO WE INVESTED IN WHAT WE BELIEVED WERE BLUE CHIP STOCKS, AIB, BANK OF IRELAND, ANGLO – AND ALL OF THAT HAS BEEN WIPED OUT."

Byrne, who continues to enjoy a high public profile because of his work as chairman of the Road Safety Authority, also admitted that property investments he had made were "a millstone around our neck".

He said: "I am working because I have to, although I choose to do it anyway."

Byrne's loss on his shares and investments was the second jolt to his personal finances.

In 1987, the Dubliner had to rebuild his finances after learning that his life's savings entrusted to his friend and accountant, the late Russell Murphy, had disappeared.

Byrne hosted the world's longest-running chat show, The Late Late Show, for 37 years on RTE and was briefly linked with the idea of running for President in the summer of 2011.

Since his retirement from the Late Late, Byrne has hosted a jazz show on Lyric FM on Sundays and a series of interviews with musicians for RTE TV called For One Night Only.

Due to celebrate his 80th birthday next year, Byrne remains outspoken, accusing the Minister of Justice Alan Shatter last week of having little or no interest in road safety.

hnews@herald.ie

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