Farmer Business Developments, which owns a 24 percent stake in FBD Insurance and a hotel chain, paid shareholders €8.9 million in dividends after receiving €8.2 million in government Covid support over the past two years.
The accounts just filed show that the company received a total of €5.271 million in Covid-related grants in 2021, mostly in the form of employment supports. That was in addition to the €2.951 million in support in 2020.
The company, which has 640 employees – 369 in Ireland and 271 in Spain – said it had €8.2million in support under the Temporary Wage Subsidy Scheme (TWSS), Employment Wage Subsidy Scheme (EWSS), Fáilte Ireland Adaptation Fund Grant and Restart Grants , Covid Restrictions Support Scheme (CRSS) and Swim Ireland Grant.
Farmer Business Development is by far the largest shareholder of FBD Insurance with a 24 percent stake. The insurer operates through its own board of directors and is listed separately on the stock exchange. The insurance company controversially refused to pay out business interruption insurance for buildings closed by the pandemic until it lost a lawsuit backed by hundreds of hosts.
The Farmer Business Development Account for 2021 reports a pre-tax group profit of €11.64 million, well below the €50.69 million in 2020, which was boosted by a land sale in Berlin. However, the FBD Hotels & Resorts portion of the business turned a profit of €13.13 million after a loss in 2020.
Hotels include the Faithlegg Hotel in Waterford, the Heritage Hotel and Spa in Laois and the Castleknock Hotel in Dublin, as well as two four-star resorts in Spain – Sunset Beach Club and La Cala Resort on the Costa Del Sol.
In March this year she bought the Killashee Hotel in Co Kildare for €25million. Other assets include development sites in Spain and Germany adjacent to the new Willy Brandt Airport in Berlin
Farmer Business Development results confirm a significant cash payout to shareholders – including a proposed €2 million voluntary share buyback program last November, supplemented by an additional €3.6 million paid earlier this month.
https://www.independent.ie/business/fbd-shareholder-scooped-9m-in-covid-supports-41685660.html The FBD shareholder has received 9 million euros in Covid support