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August 20, 2011

Cash in Westlife company piles up

Mark Feehily, Kian Egan, Shane Filan and Nicky Byrne of Westlife. The cash holdings of the band's main company increased fivefold last year to over €450,000.

CASH HELD by the main entertainment company owned by chart-topping boy band, Westlife increased fivefold last year to €450,069, new figures show.

According to abridged accounts just filed by Bluenet Ltd, the firm’s accumulated profits more than doubled from €20,073 to €49,448 in the 12 months to the end of October last. The Limerick-based company is owned by band members Nicky Byrne, Shane Filan, Mark Feehily and Kian Egan. The upsurge in the company’s business coincided with the release of the group’s multi-platinum winning Where We Are album and the band’s 36-date Where We Are tour.

Bluenet derives its revenue from tour income – including live performances, merchandising income, tour fees and recording royalties.The figures show cash held increased from €89,071 to €450,069 during the year. The companys other director is financial adviser Alan McEvoy, who also sits on the board of singer Ronan Keating’s company, Entourage Management Agency Ltd.

Returns just filed by another Westlife company, Blacknight Ltd, that generates revenues from performance-related broadcast licence income also recorded a profit. The abridged accounts show an increase in accumulated profits from €4,338 to €6,054.

Separate accounts filed by Brill Management Ltd, operated by Westlife’s manager, Louis Walsh, show the company also enjoyed a buoyant year in 2010. The firm’s accumulated profits rose from €10,666 to €259,051 in the 12 months to the end of November last. The company had €440,835 in cash at the end of the year.

Source: irishtimes.com

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