Companies in the Q-Park group had net accumulated losses of more than €50 million at the end of 2013, according to accounts just filed.

One of the companies, Q-Park Ireland Ltd, registered a prior year adjustment of €27.7 million in order to set its investment in Q-Park Properties Ltd at its recoverable value (€3.79 million). The same adjustment was also recorded by Q-Park Properties.

The Q-Park group of Irish companies is part of a Europe-wide business with more than 80,000 parking spaces owned by Q-Park NV, of the Netherlands, which is in turn owned by investors.

No response

In Ireland its operations include the Setanta and Dawson Street car parks in Dublin. It also has operations in Cork, Galway, Belfast, Limerick, Tralee and Kilkenny. A request for a comment from the Irish company met with no response.

Pre-tax losses at Q-Park Ireland were €2.16 million, down from €8.16 million the previous year. When the prior-year adjustment was added, accumulated losses at year end were €40 million.

Car park operator Q-Park Management Ltd recorded a pre-tax loss of €1.64 million, having reported a profit of €261,548 the previous year.

“The key business risks faced by the company are considered to be price competition from other operators, particularly in city centre locations, and the general health of the Irish economy,” according to the accounts. “The company’s strategy is to grow profitably by adding to its existing portfolio of car parks.”

Turnover was €11.4 million, up from €9 million in the previous year. All turnover was in the Republic. Staff averaged 96 during the year, down from 107 the previous year, and total wage costs were €2.6 million.