Thursday 17 January 2019

Hurling legend DJ in €1.7m debt crisis

BUST: Carey put own cash into firm

GOLDEN couple DJ Carey and Sarah Newman are facing a €1.7m debt crisis after their company hit the rocks.

The five times All-Ireland winning hurling legend and his Dragon’s Den partner tried desperately to save the cleaning products company.

The Kilkenny star is said to have put €600,000 of his own money into the business.

But a meeting of creditors has now been arranged for later this month.

Mr Carey himself is the largest creditor as he provided the money by way of loans.

Ulster Bank is owed around €170,000, reports today stated. The latest accounts filed show the business has been running at a loss since 2006.

In recent years, the former Kilkenny star has tried to keep the firm going by injecting more than €600,000 of his own money into the business.

The enterprise, which supplies cleaning products to pubs and businesses, also had to write off €200,000 in “unauthorised transactions”.

Auditors Carey & Associates discovered the transactions in 2008 but the extent of the difficulties was only exposed by new auditors Brophy Gillespie a year later. Mr Carey and Ms Newman are listed as the main directors of the three companies involved in business, DJ Carey Enterprises, Alton and Dublin Janitorial Centre.

The hurling star's sister Catriona, a former international hockey player, was a director of DJ Carey Enterprises between 2001 and 2009.

Based in his home village of Gowran, Co Kilkenny, DJ Carey Enterprises sells hygiene products to other businesses.

It was established in 1994, with DJ's ex-wife Christine being listed as a director initially. Her name was removed from company accounts in 2001 and Catriona replaced her as a director. Catriona won 72 caps during an eight-year international career before retiring in 2006.

DJ is widely regarded as one of the greatest hurlers of all time. In his 15 year inter-county career, he won five All-Ireland medals and nine All Star awards.

He has a tally of 34 goals and 195 points from 57 championship games.

He has made more appearances for Kilkenny than any other player and is the county's third-highest scorer behind Eddie Keher and Henry Shefflin.

Auditors for DJ Carey Enterprises, in the company's 2009 accounts, said they could not obtain all the information necessary to provide “reasonable assurance that the financial statements were free from material misstatement, whether caused by fraud or other irregularity or error”.

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