Kilkenny hotel slides into €500,000 loss
Published 25/05/2015 | 02:30
One of the best known hotels in the south east saw losses top half a million euro in 2013, new accounts show.
Langton's in Kilkenny City reported earnings before interest, tax, depreciation and amortisation of €525,143 for the year. However, interest payments of €156,577 and depreciation costs of nearly €800,000 pushed the firm into a pre-tax loss of €581,643. The figures come from accounts lodged with the Companies Office for Langton Hotel Ltd.
The hotel in the centre of Kilkenny has long been a local institution. Hurling legend Henry Shefflin recently chose the four-star hotel as the venue to announce his retirement from inter-county hurling.
The figures show that the hotel recorded the earnings as the firm's gross profits dropped marginally from €6.42m to €6.34m. The accounts show that the firm recorded a pre-tax loss of €581,643. However, this takes into account interest payments of €156,577 and hefty non-cash depreciation costs of €793,632.
"The results for the year and the financial position at the year end were considered satisfactory by the directors, who expect continued growth in the foreseeable future."
Langton's houses a number of bars along with the Set Theatre that opened in 2009 while the night-club entertains thousands of revellers every week.