Ballymaloe hotel sees profits triple as revenues rise to €3.5m
Profits at the renowned Ballymaloe Country House hotel last year almost tripled to €71,478.
Revenues at the hotel, near Midleton in Co Cork, rose from €3.3m to €3.5m in the 12 months to the end of October last. At the end of October, the company behind the hotel, Yeats Room Ltd, had accumulated profits of €2.23m.
During the same period, the firm's cash pile increased from €426,582 to €761,476.
The profits of €71,478 followed profits of €24,238 in 2015.
The director of Yeats Room, Hazel Allen, pictured, said yesterday: "We are glad to report an upturn in business."
Ms Allen said that as the firm is confident that 2017 will match the 2016 performance, the company is investing in upgrading bathrooms and bedrooms.
However, she cautioned: "This may affect profits."
Ms Allen added: "We do our best to continue to do what we have always done well, resisting trends but continuing to make small improvements to keep up to date."
She said that the business is delighted to have such strong Irish business accounting for 65pc of revenues. Ballymaloe Country House hotel can accommodate 60 guests for bed and breakfast and 120 in the restaurant. Ms Allen said that Rory Allen has turned the Grainstore on the farm into a venue where they can cater for corporate events up to 250, while they also cater for a small number of weddings.
Numbers employed by the company last year increased from 45 to 48 with 45 in operations and three in management.
The directors of the firm are listed as Hazel Allen, Sacha Whelan, Darina Allen, Cullen Allen and Fern Allen.
Last year, aggregate pay to directors decreased from €574,181 to €549,984.
The pay to key management personnel increased from €83,371 to €114,039.
Myrtle Allen started the business with her late husband, Ivan, in 1964, opening at first as just a resturant, then a guesthouse as well.
It subsequently spawned the cookery school and the second and third generation Allens have created 16 separate businesses.
Recently filed accounts for the Ballymaloe Cookery School show that it served up profits of over €100,000 last year.
The business was sitting on accumulated profits of €2.68m.