Another establishment-linked business to file 2014 accounts this week was the Forenaghts Stud in Naas, Co Kildare. Its retained losses grew by €200,000 to €2.6 million.

The Smurfit family, which owns the place, is clearly good for it, however. The stud is controlled by new Smurfit Kappa chief executive Tony Smurfit. He is owed €1.2 million by the stud business, while the Smurfit Family Enterprise Trust is owed €5.5 million. A further €30,000 is owed to another, unnamed Smurfit.

Tony Smurfit is a long-time supporter of the Irish bloodstock industry, and was previously an investor in Goffs although he sold his stake in 2008 to the Aga Khan and Moyglare Stud Farm.