The chairman of Enterprise Ireland, Michael Carey, has decided to resign from his position following concerns raised by the Irish Independent regarding the delayed filing of accounts for his biscuit company.

Resignation from Two Boards

Michael Carey, who has been the chairman of Enterprise Ireland since September 2023, has also chosen to step down as the chairman of the Housing Agency.

In a statement, Carey expressed his regret at resigning from these two voluntary unpaid positions due to the late account filings for East Coast Bakehouse, a business where he holds a significant stake and serves as the executive chairman.

He attributed the delays to administrative errors within the management and an unexpected decision to change auditors. However, he clarified that there are no financial issues at the company, and fully audited accounts are expected to be filed by early July.

Smooth Transition

Carey emphasized that the late filings of accounts with the Companies Registration Office (CRO) have been a widespread issue affecting many firms, and he takes personal responsibility for the oversight at East Coast Bakehouse.

He stated that to prevent any distractions from the important work of the state agencies, he will step aside immediately and collaborate with the board and CEOs to ensure a smooth transition.

Delays and Consequences

East Coast Bakehouse is now over 18 months behind in filing its 2023 and 2024 financial year accounts, potentially leading to legal repercussions for Carey and other directors, including his wife, Alison Cowzer.

Despite the support from the Department of Enterprise, Trade and Employment, which oversees Enterprise Ireland, Carey has decided to resign to avoid any embarrassment to the ministers and to prevent any hindrance to the agencies' operations.

Future Compliance

Carey assured that steps have been taken to rectify the situation, and the business is working to ensure that such errors do not occur in the future. He also mentioned that the funding process for East Coast Bakehouse has been completed, and the accounts will be filed with the CRO by early July.

Investors and Support

Several prominent investors, including Laurence Shields, Patrick Joy, Mary Ann O'Brien, and Stephen Twaddle, have contributed significant amounts to East Coast Bakehouse, showing continued support for the company despite the filing delays.