Christmas tree maker sends $20m from Irish branch

Balsam Brands set up a subsidiary in this country seven years ago, and has since used it to record huge sums of international sales

Mac Harman, Balsam Brands founder and chief executive. Balsam Brands employed 137 staff last year in Ireland, compared to 112 in the previous year.

Balsam Brands, the artificial Christmas tree maker, has used its Irish subsidiary to funnel more than $20 million in dividends to the Cayman Islands.

The e-commerce and retail company, which was founded in 2007, has a range of 4,000 holiday and home d├ęcor items, but principally sells artificial Christmas trees. It set up an Irish subsidiary seven years ago, and has used the company to record hundreds of millions of dollars worth of international sales.