The Square Management identify ‘material uncertainty’ in year-end result

by Gazette Reporter
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The company which owns the freehold interest of The Square shopping centre in Tallaght has identified a “material uncertainty” related to its ability to remain in business for the foreseeable future.

Last week, The Square Management published its results for the year ended September 30, 2019, which included the note regarding its ‘going concern’ –an accountancy term for a company that is expected to continue operating without the significant threat of liquidation.

The company is also responsible for certain maintenance and carries out the trade of the car park.

In the results, the company said it had identified a material uncertainty related to its going concern and the refinancing of its intermediate parent company, OCM Luxembourg Square Retail, and its “significant” third-party debts, which mature in less than 12 months.

It said other group companies which own units in the centre, and are responsible for service charges, are guarantors of these debt liabilities.

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