Administrators in at Lough Erne luxury hotel and golf resort
Published 13/05/2011 | 05:00
One of the North's most luxurious tourism ventures, the five-star Lough Erne hotel and golf resort in Co Fermanagh, has gone into administration, with debts of around €30m.
The resort will remain open for business and will continue to trade under the supervision of the bank-appointed administrators while they seek a buyer.
Bank of Scotland (Ireland) is understood to have had the administrators appointed after a court hearing in Belfast. The luxury resort was completed in 2009 and features a Nick Faldo golf course and a 120-bedroom five-star hotel set on 600 acres of lakeside parkland. Golfer Rory McIlroy is the resort's touring professional.
John Hansen and Stuart Irwin of KPMG in Belfast confirmed their appointment as joint administrators of Castle Hume Leisure, the company that owns the resort.
They said they intended to keep the workforce intact, with a view to selling the business as a going concern. The resort had a staff of 163 when its most recent accounts were filed in August last year.
It features two championship golf courses, including the first Nick Faldo designed course in Ireland, and a luxury Thai Spa.
The resort was developed and owned by Dublin businessman Jim Treacey, who also owns the SuperValu supermarket at Churchtown in Dublin 14. Mr Treacey was not available for comment last night. Bank of Scotland is understood to be the main lender to the company, with a fixed and floating charge over its assets.
According to its most recently filed accounts, Castle Hume Leisure had net debt of £27m (€30.8m) and suffered a loss of £500,000 in the year to the end of 2009, down from £1.3m the previous year.