Ballymaloe hotel owner buoyed by profits of €2.25m
Accumulated profits at the firm behind the Ballymaloe Country House Hotel increased marginally last year to €2.25m.
New accounts from Yeats Room Ltd, which operates the venue, show that the company recorded profits of €17,177 in the 12 months to the end of October.
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Numbers employed at the Co Cork hotel and restaurant last year increased by one to 52. Pay to directors declined from €408,920 to €404,545.
The company’s cash pile also declined, from €769,865 to €697,815.
The profit of €17,177 follows profits of €3,262 in 2017.
Ballymaloe House can accommodate 60 guests for bed and breakfast, and 120 in its restaurant.
The firm recorded the profits after taking account of non-cash depreciation costs of €29,774.
It has turned the Ballymaloe Grainstore, a 17th century farm building, into a venue where it can cater for corporate events hosting up to 250 people, as well as a small number of weddings.
The pay to key management personnel decreased from €122,295 to €119,988.
The value of the firm’s tangible assets, meanwhile, stood at €2m last year.
The late Myrtle Allen started the business with her late husband, Ivan, in 1964 and subsequently spawned the Ballymaloe Cookery School.
The second and third-generation Allens have created 16 business enterprises.
Accounts recently filed by Ballymaloe Cookery School Ltd show that it recorded an operational profit at the school of €62,134 in 2018.
At the end of last August, the company was sitting on accumulated profits of €2.7m.
The school has been operating since 1983.
The main driver of the success of the school is its intensive 12-week cookery course, but the venue offers a range of other courses.
One of Darina Allen’s sons, Toby, is general manager of the school and was appointed to the company board in February 2018.