Examinership gains help Killashee to €4.3m profit
Published 02/03/2016 | 02:30
The firm behind the luxury Killashee House and Spa hotel booked pre-tax profits of €4.3m in 2014 that arose mainly from the hotel exiting examinership that year.
Accounts filed by Craigfort Taverns Ltd show that the firm booked a net €2.3m gain arising from the examinership process.
The firm emerged from a High Court examinership in August 2014 after Brehon Capital Partners and Midwest Holding acquired the 141-bedroom four star hotel for €13m.
The net €2.3m gain from the examinership included a €2.5m reduction of secured and unsecured third party liabilities and a €585,376 reduction in inter-company liabilities. The cost of the examinership process totalled €783,906.
Profits were boosted by a €1.6m reversal of a previous impairment. The directors' report said they "expect to invest in the business in the coming year with a view to achieving managed growth and profitability".
The hotel employs 156 and the directors state the company generated an operating profit and positive cash flows during the financial period. Staff costs totalled €4.72m.