Cheryl's Irish firm proves a hit with 32.1m in profits
AN Ireland-based entertainment firm owned by popstar Cheryl Cole recorded post-tax profits of more than €2.1m last year.
Accounts lodged by Tara Entertainments Ltd show it accumulated the amount between November 11, 2011 and the end of last year.
The figures submitted to the Companies Office also show that the firm's cash pile stood at €2.67m at the end of the same period.
Tara Entertainments, a subsidiary of the dormant UK company CC Entertainments International Ltd, owed around €300,000 in corporation tax at the close of 2012.
The figures confirm that part of the company's revenues last year were generated by performances and concerts income.
Tara received a boost during the period with the release of Ms Cole's third album, A Million Lights. The record's lead single, Call My Name, sold 152,000 copies in its first week.
Cole's first solo tour also added to the coffers of the firm, which is wholly owned by the popstar and is established in Ireland through its links with the Limerick-based Live Wire Business Management (LBM).
In addition to Cole, LBM has set up companies for other British pop acts including Olly Murs and JLS, all of whom are signed to X Factor creator Simon Cowell's Syco label. LBM has also prepared accounts for Boyzone, Ronan Keating, The Corrs and Westlife.
And on top of that, it has worked for the boyband One Direction, setting up the ODOT partnership.
Accountant and company founder Alan McEvoy, who lives near the shores of Lough Derg at Ballina-Killaloe, normally shuns the limelight. He was unavailable for comment yesterday because he was in the UK for business.
On its website, LBM states it has "over 25 years' experience in the music industry and acts for some of the biggest names".
It adds: "Our strength lies in bespoke financial and accounting packages to suit the client. Our services to clients can range from dealing with a client once a year regarding annual tax compliance, to dealing with a client on a week-to-week basis on their financial and accounting management. We are aware no two clients are the same."