Irish discount stores group Euro General, which opened 8 new shops last year, reported a €1 million pre-tax loss last year after writing off its investment in subsidiary company Hamill & Henderson

Euro General, which had reported a €1.25 million profit a year earlier, owns 77 retail outlets in Ireland and employs over 580 people.

Newly-filed accounts for the group reveal a €1.25 million write-off in Hamill & Henderson, one of a number of subsidiaries owned by the family-owned business.

Euro General, which was established by Charles O’Loughlin in 1990, reported turnover of €68.5 million for the 12 months ending March 10th, 2015, up 13 per cent from €60.7 million a year earlier. Gross margins decreased to 41 per cent over the year.

The group said net assets as of May 10th, 2015 amounted to €17.4 million, as against €18 million a year earlier.

Staff costs, including wages and salaries, amounted to €11.2 million, versus €10.4 million in 2014.

“During the year the company expanded its activities and product sales now include higher value, multi price items. As a result stock levels have increased,” the group said.

The company said it increased its shareholding in subsidiary Bushgrove from 70 to 75 per cent in line with this expansion.