McKillen-led Maybourne profits slip to €51.3m
Published 22/10/2016 | 02:30
Operating profits at the luxury Maybourne hotel group in London, which was the source of a long-running and bitter dispute between Irish developer Paddy McKillen and reclusive billionaires the Barclay brothers, last year decreased by 3pc to £45.7m (€51.3m).
New figures lodged by Coroin Ltd with Companies House in the UK show that the firm recorded the drop in operating profits after revenues increased by 5pc - going from £152m to £159.2m.
Coroin oversees the luxury five-star Claridges, the Connaught in Mayfair and the Berkeley at Knightsbridge.
McKillen's row with the Barclay brothers ended last year after the Qatari-backed Constellation Hotels Group bought the Maybourne group installing McKillen as the person to lead, direct and develop the assets.
McKillen sold his 36pc to the Constellation hotel group while the Barclay brothers sold their 64pc stake.
According to the directors' report, the firm's earnings for last year totalled £55.2m as revenue per room increased by 3.6pc.
After finance costs of £47m are taken into account, Coroin recorded a pre-tax loss of £1.4m.
The directors state that the group expects 2016 to improve in terms of trading and is confident that trading will perform above market levels.
Numbers employed by the group increased marginally to 1,429, with staff costs topping £41.7m.
Directors' remuneration last year totalled £1.25m that included £916,000 to the highest paid director.