Behey, the company behind the McCabe pharmacy chain and the Farnham Radisson SAS Hotel in Cavan, has taken a €4m impairment in its latest financial statements as a result of the downturn in the economy.

The impairment was recorded after a review of the company's intangible assets.

The group had a turnover of more than €62.8m and recorded a loss of more than €6.5m, according to the directors' report for the year ended 31 January 2009.

"During 2009 we experienced unprecedented challenges as consumer confidence declined," the accounts state. "We also dealt with the challenge of the reduction in drug-reimbursement levels by the HSE. We regret that the HSE has not engaged in a more constructive manner with community pharmacists during the past year… We anticipate that these challenges with the HSE will continue well into 2009."

The report also says that the company's board remains "very positive about the sectors that it operates within".

Shareholders' funds are more than €23.35m in the red, up from €12.76m.

The independent family-owned company was founded by Cavan native Roy McCabe in 1981. There are now 21 pharmacies in the group. He bought the 1,250 acre Farnham estate for €6.35m in 2001 and has since developed the hotel, a golf course, numerous walks and a spa designed by Heinz Schletterer – who also designed the spa in the Waldorf Astoria in New York – within the grounds.