Friday 23 June 2017

Profits at the group that operates the five-star Fitzwilliam hotel and the Bailey pub in Dublin jumped by 50pc to €9.4m last year.

Gordon Deegan

Profits at the group that operates the five-star Fitzwilliam hotel and the Bailey pub in Dublin jumped by 50pc to €9.4m last year.

Accounts recently filed by Ampleforth with the Companies Office show that revenues jumped by 12.5pc to €32.7m.

The group recorded a 24pc increase in pre-tax profits to €2.3m.

However, the firm's total profits for the year were boosted by the group's hotel and bar being revalued with €7.2m added to the valuation.

This followed a revaluation in the prior year that resulted in the property's value increasing by €4.5m.

The valuation by CBRE took place in 2015 and the hotel - with additions - was revalued at €43.5m with the Bailey valued at €1.7m.

Numbers employed fell from 147 to 142 with staff costs increasing from €4.5m to €4.78m.

The directors state that they are satisfied with the performance of the group during the year.

"The group will continue to concentrate on its core activity of hospitality related services. The directors are actively seeking new opportunities in this regard," they said.

Ampleforth is controlled by low-profile businessman Michael Holland.

Mr Holland is the owner of the Four Star Pizza franchise, which he bought out of examinership in 2011.

The group recorded an 18pc jump in operating profits to €3.89m and interest charges of €1.4m contributed to the pre-tax profits of €2.36m.

Irish Independent

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