U2 company rakes in the cash after its lucrative tour
The cash pile at Dublin-based U2 Ltd last year increased 19-fold to €2.86m (£2m). Currently, the band, led by frontman Bono (left) is adding to its coffers with the European leg of its Innocence + Experience tour, which included two nights at Belfast’s SSE Arena last month.
The Dublin leg of the tour saw the band’s four star boutique Clarence Hotel being booked out for the week the band performed in Dublin. New accounts show that the hotel last year recorded profits of €400,000 (£288,000).
Separate figures just lodged show that while the cash pile at U2 Ltd increased sharply, the firm’s accumulated losses also increased going up by €1m (£0.7m) to €4.16m (£3m).
The main activity of the firm is the creation, protection and licensing of intellectual property.
U2 Ltd counts the band members as four of its eight employees and the amount the firm owed to its employees last year reduced from €6.5m (£4.7m) to €5.4m (£3.9m).
The parent firm of U2 Ltd is Not Us Ltd where the members of U2 also serve as employees.