Thursday 29 September 2016

Receiver gets €1.35m in fees over Lyrath Hotel

Gordon Deegan

Published 08/03/2016 | 02:30

Pool area of the luxury Lyrath Hotel outside Kilkenny city
Pool area of the luxury Lyrath Hotel outside Kilkenny city

New figures show that the receiver to the €50m five-star Lyrath resort hotel in Co Kilkenny has received €1.35m in fees to date.

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Kieran Wallace of KPMG was appointed as receiver by the Bank of Scotland in 2012 to the 139-bedroom spa hotel. Loans from the bank helped bankroll the development and opening of the Xavier McAuliffe hotel in 2006.

A self-made multi-millionaire, Mr McAuliffe established the Co Kerry-based Spectra group and is part of the consortium that operates the GoSafe Speed vans for the Gardai. Set in 170 acres of mature parkland, Lyrath Estate Hotel is a multi award-winning hotel, spa and luxury wedding venue near Kilkenny city.

Now, a series of receiver extracts recently filed with the Companies Office show that Mr Wallace on behalf of KPMG has received €1.35m in receiver fees with a management company operating the hotel receiving €1.5m in fees.

Underling the growth of the business last year, the hotel recorded trade receipts of €6.5m between May and November in 2015 - a record amount under the receivership for a six-month period.

The €6.5m generated took in the peak summer period and compares to €5.8m for the same period in 2014.

The trading receipts for the May to November period last year also compare favourably to the same period in 2013 when €5.2m was generated in trading receipts. Total receipts during the receivership amount to €36.37m with total payments amounting to €34.3m.

In the last six-month period, the figures show that €1.75m was paid out in wages and salaries; €2.62m paid out to suppliers while the Revenue Commissioners received €851,189 from the business.

The total trading receipts for the period were €6.5m, compared to payments amounting to €5.6m.

The documents show that €750,000 has been paid to the secured creditor in an interim distribution.

Irish Independent

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