Business

Monday 20 November 2017

Flaghip hotel in profit of €238,000

Meyrick Hotel, Galway
Meyrick Hotel, Galway

Gordon Deegan

The flagship hotel in the Gerry Barrett-led Edward Holdings group recorded profits of just under €240,000 last year.

Accounts recently filed for the Galway-based Barrett firm that operates the Meyrick hotel in Galway city centre, MT Mono Trading Ltd, show that the business recorded a profit of €238,940 last year.

The firm that operates the nearby Philip Treacy-designed G Hotel is unlimited and is not required to file annual accounts but a source close to the Edwards Holdings Group confirmed yesterday that the G Hotel is profitable.

Mr Barrett exited Nama four months ago and his group is the largest indigenous employer in Galway city, employing 500 people.

The group expanded significantly in the last decade and had loans of €885m in 2008, including loans of €621m from Anglo Irish Bank.

This allowed the group to purchase Ashford Castle for close to €55m in 2007 before it was later sold for a knock-down price

The group now has a new funder and has a normal banking relationship again with its funders after its Nama exit.

Numbers employed at the Meyrick increased marginally, from 72 to 76, with staff costs totalling €2.3m.

The Edwards Holdings group - established in the late 1980s - is landlord to some 125 national and international retail tenants.

Irish Independent

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