independent

Sunday 20 April 2014

Barry O'Callaghan's Cliff House profits up 33pc

THE award-winning five-star Cliff House Hotel in Ardmore, Co Waterford said profits rose by a third last year.

Hotel manager Adriaan Bartels confirmed yesterday that revenues at the hotel, which is home to one of Ireland's eight Michelin-starred restaurants, increased by 8pc in 2012 following "a robust year".

Mr Bartels was commenting on an auditor's report recently lodged by Cliff House owner Valshan to the Companies Office, which shows that the firm was loss-making in 2010 and had an excess of liabilities over assets at the end of 2011.

Previously, Valshan disclosed that the owner of the Cliff House Hotel, Cork-born businessman Barry O'Callaghan, had lent the hotel business €3.6m by the end of December 2008 – the year the Cliff House Hotel opened.

Valshan is now unlimited and the scale of its losses are not publicly available, as it is not required to file accounts to the Companies Office.

Mr Bartels said Valshan is an operating entity for management services provided to the hotel.

He added that the accounts do not reflect the profits of the hotel, which is privately owned by digital education entrepreneur Mr O'Callaghan, who once ran US publishing giant Houghton Mifflin Harcourt.

The hotel employs 82 staff, made up of 55 full-time and 27 part-time workers.

Irish Independent

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