Two of the main companies in the business empire of the family behind Shaws department stores had combined sales of close to €40 million in the year to the end of January, according to their latest accounts.

The Shaws chain has 16 stores, mostly in regional locations. Shaw and Sons, which operates seven of the stores including those in Waterford, Portlaoise and Limerick, recorded a decline in revenues of 5 per cent to €23.1 million.

The company’s loss before tax grew by 85 per cent to €1.3 million. Shaw and Sons, which employs 194 staff, made a loss of €900,000 during the year when it sold its old premises in Portlaoise, where it opened a new store.

Despite its losses, the company still had shareholders’ funds of €10.25 million.

Meanwhile, W&G Hadden, which operates another four of the Shaws stores, including Dungarvan, Carlow and Wexford, and also owns and operates Hadden's shopping centre in Carlow, banked profits of €742,000 from sales of €15.5 million. It employs 107 staff.

The group celebrated 150 years in business during the year.