With work set to start on the Kildare Village expansion in late 2014, its owners have stressed they are confident they can overturn a €22m deficit.
According to a report in the Sunday Business Post on October 27, the latest accounts posted by Value Retail Dublin (the company behind the outlet), show it reported a €6.2m loss for 2012, after paying €5.4m to service its debts.
The Sunday newspaper revealed the 2012 losses brought the outlet’s retained losses to €35m. However, it stressed a note attached to the accounts explained the directors were confident that ‘’future profits will restore shareholders’ funds to a positive position’’, noting that the company had access to finance to continue to pay its debts as they fell due.
Anybody who passes the Village, especially at the weekend will see a car park almost jammed to capacity, giving the impression it is thriving. However, back at the oral hearing into the proposed €50m expansion in May, Scott Malkin, Chairman of Value Retail Group worldwide declared;“The proposed additional space created by the extension will not only make Kildare Village financially sustainable in the long term, but importantly also secure the jobs of those currently employed at Kildare Village, whilst at the same time further establishing it as a leading international tourist destination for Ireland.
“Those are not just words. We do not make money in Kildare Village today. We will if we can expand.”
China is seen as a major potential source of international tourists. The Village is part of Value Retail’s international portfolio of nine tourist outlets including villages near Bicester in England, Barcelona, Madrid, Paris, Brussels, Milan, Frankfurt, and Munich.The expansion is expected to yield 380 new jobs and 120 construction posts.