Fitzwilton, the investment vehicle part-controlled by Sir Anthony O'Reilly, saw pre-tax losses triple to €46.4 million last year, according to figures just filed with the Companies Registration Office.

The results include a loss of €28.3 million incurred in 2002 upon the disposal of Fitzwilton's share in Safeway Stores (Ireland), a joint venture in Northern Ireland's grocery market with British supermarket multiple Safeway.

Fitzwilton sold its 50 per cent holding in the operation in July 2002, realising net proceeds of €22 million. This was, however, transformed into a loss after multimillion provisions for goodwill, irrecoverable debts and impairment of fixed assets.

The sale came shortly before Safeway emerged as the subject of a complex takeover battle and its value soared.

The joint venture between Fitzwilton and Safeway was established upon the supermarket chain's entry to the Irish grocery market in 1997.

Fitzwilton had previously controlled the Wellworth chain of shops across the North, having taken an initial 42 per cent stake in 1992 for £122 million sterling (€174 million) and subsequently buying out its venture-capital partners.

Turnover across the Fitzwilton group dropped from €50 million to €33 million last year, while operating losses declined from €7.4 million to €6.8 million.

Fitzwilton also owns signage and design operations. It closed a plastics division in 2002 because of continued losses arising from the relocation of customers' manufacturing facilities to eastern Europe and Asia.

The group paid €1.2 million to its seven directors over the year, up from €970,000 in 2001. They did not recommend the payment of a dividend.

Fitzwilton's holding company is Stoneworth, an entity incorporated in the British Virgin Islands that is controlled by Sir Anthony and his brother-in-law, Mr Peter Goulandris.