Accounts show Edun Apparel, founded by the rock star and his wife Ali Hewson in 2005, suffered losses to the tune of €6.8million in 2011.

The company is also 49 per cent owned by the world’s largest luxury goods group LVMH which put €6.7million into Edun in 2009.

The Paris-headquartered group also owns some of the world’s top brands — including Louis Vuitton, Donna Karan, Moet Chandon and Veuve Clicquot champagne.