Business Irish

Tuesday 2 September 2014

Rooms for improvement as Dylan records €1m loss

Published 13/02/2014 | 02:30

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Kylie Minogue is among those on the Dylan Hotel's guest list

A five-star Dublin hotel that counts Kylie Minogue, above, among the superstars on its guest list, plunged further into the red in 2012 to record losses of €1m. The Dylan Hotel in Dublin was one of two Seamus Ross-owned hotels to go further into the red with separate accounts for the Dunboyne Castle Hotel and Spa in Co Meath recording a loss of €1m.

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Mr Ross heads up Menolly Homes and a note concerning the 2012 performance of the Dylan Hotel states that "the company is continuing to make losses subsequent to the year end".

In the accounts just filed with the Companies Office, the note state that "management is actively managing costs and seeking to make savings where possible. The company is also taking steps to generate new business."

The accounts say the company that operates the boutique hotel requires the ongoing support of a key creditor to continue as a going concern" but adds that "the directors are satisfied that it is appropriate to prepare the financial statements on a going concern basis."

The figures show that a non-cash depreciation charge of €194,248 contributed to the losses in the 12 months to the end of June 30, 2012.

Separate filings for Fylan Collection Ltd that operates the Dunboyne Castle Hotel show that the company recorded a pre-tax loss of e1m in 2012 after taking credit for loans forgiven of e176,489. The abridged accounts show that firm's accumulated losses increased from e3.4m to e4.4m.

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