THE GOWAN Group, which imports and distributes Peugeot cars in Ireland, made a pretax loss of €50.9 million in 2008, as car sales plummeted, according to accounts filed at the Companies Office for its holding company Convest.

The motor group, which also owns interests in household appliances and industrial tools, wrote down the value of the properties it owns by €3.3 million. It made a loss of €271,000 on its share of associated companies, according to the Convest accounts.

Convest, which is one of the largest privately owned companies in the State, had bank loans and overdrafts totalling €29.3 million as of the end of 2008, which was more than double the size of their loans and overdrafts at the end of 2007.

The company also wrote off a loss of €269,000 on the sale of shareholdings in Profilia Windows and Gowan Garages Limited.

The group’s bankers hold a charge over its properties at Citywest Business Park, Parkgate Street and Navan Road.

The three directors of the company paid themselves €616,000 for the year. A dividend of €9.66 per ordinary share was paid out, resulting in a total dividend to the shareholders of €1.7 million.

The number of employees increased to 195 during 2008, up from 174 in 2007. Wage, salary and pension costs remained flat at €28.3 million, while the accounts record an €11.2 million actuarial loss on its pension scheme assets.

The group’s investment properties were valued at €13.7 million as of the end of 2008. During the year, Convest acquired DG Gowan Motors Limited and its subsidiaries DG Opel Limited, Renbea Limited and Dublin Garages Limited for a sum of €7.1 million.

Convest is also the distributor for Honda through its associated company Universal Honda.

Gowan is run by its executive chairman, Michael Maughan. Most of the shares are owned by his wife Gemma Maughan whose first husband, the late Con Smith, founded the business in 1969. Gemma’s daughter Fiona is also a director.

Gowan lost the distribution rights for Citroen earlier this year.