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October 19, 2006
U2 Firm Cuts Losses to £2.9m in 2005
BizWorld
Not Us Ltd, the core business behind the rock group, U2, has cut losses to £2.9m from £18.81m.
The improvement came as the band embarked on the Vertigo world tour after the release of their 14th album, How to Dismantle an Atomic Bomb.
Part of the group's business empire have moved to the Netherlands for tax reasons.
Band members Bono, the Edge, Adam Clayton and Larry Mullen jnr are directors of Not Us Ltd, in which they each hold a 25 per cent stake.
Accounts just filed for this firm provide a partial picture of U2's business dealings and their wealth, which is managed in a private partnership and estimated at more than £600 million, the Irish Times reported.
However, the Dublin-registered Not Us holds the band's interests in 10 subsidiaries in Ireland, Britain and the US, which manage its recording, touring and merchandising interests.
These include U2 Ltd, a company engaged in the production of master tapes which is believed to be one of the businesses that moved to the Netherlands this year. The band members resigned as directors of this company last June and were replaced by Dutch lawyer Roelof Kloeten, Dutch accountant Jan Favie and Dublin accountant Gaby Smyth.
The Not Us annual filing for 2005 says the balance due from Not Us to U2 Ltd at the end of 2005 was £3.87m.
Posted by Brenda at October 19, 2006 06:49 PM
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