herald

Tuesday 12 November 2019

Christmas decorations at Tallaght's Square cost €360,000

The Square, Tallaght
The Square, Tallaght

The management firm of one of Ireland's biggest shopping centres, The Square in Tallaght, spent more than €360,000 on Christmas decorations over two years.

The Square Management Ltd's accounts show it slashed its festive spend in the 12 months to the end of last September by 37.5pc to €140,476.

It had forked out €224,182 on Christmas decorations in 2017, making an overall spend of €364,660 for the two years.

Last year, US private equity giant Oaktree bought The Square for €250m.

New accounts give an insight into the costs involved in operating a massive shopping centre.

They show that the management company's insurance bill increased by 31pc in the space of only a year. The bill was €547,860 in 2017, which increased to €719,695 last year.

The detailed breakdown shows the biggest outlay on day-to-day costs was on security, which totalled €1.38m for the year.

Just short of €859,846 was spent on cleaning.

Fire

The amount the firm spent on professional fees last year increased more than six-fold to €300,274.

The bill for The Square's child soft play area was close to €1,300 a week at €66,684 for the year.

Elsewhere, the accounts show that essential fire safety work costing €1.57m contributed to a pre-tax loss of €1.88m last year.

The new accounts reveal the firm recorded the loss as revenues increased by 3.3pc from €6.85m to €7.08m.

A breakdown of revenues show that its service charge turnover totalled €5.7m, with car park revenues amounting to €860,685, while revenues from lettings were €467,786.

Company directors explained that the exceptional cost of €1.57m last year was due to essential fire safety works needed to bring the property into line with current fire safety legislation.

This followed a spend of €2.44m under the same heading in 2017.

The company's staff costs last year totalled €975,193.

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