Sunday 21 January 2018

Convention Centre Dublin CEO calls for Vat rule to be changed

The Convention Centre hosted over 1,450 events last year
The Convention Centre hosted over 1,450 events last year
Ellie Donnelly

Ellie Donnelly

Operating profits at the Convention Centre Dublin (CCD) increased around 10pc last year to €5.59m as the venue hosted over 1,450 events.

Profits were up from €5.04m in 2015. Turnover increased €900,000 to €23.6m as the site hosted events including Frankie Sheahan's Pendulum Summit (3,100 delegates) and Alltech International Craft Brews and Food Fair (4,000 visitors)

Two years ago the Irish Infrastructure Fund - which is backed by the Ireland Strategic Investment Fund (Isif) - bought the Convention Centre from Grant Thornton, liquidators of Johnny Ronan and Richard Barrett's Spencer Dock Development Company.

Under a complex public-private partnership agreement dating to the original development of the centre, CCD files accounts for the entity which designed, developed, built and financed the Convention Centre and now owns the license to operate and maintain the building, and separate accounts for the company which manages the day-to-day operations of the centre.

Debt reduced to €92.5m at the end of 2016, from €103m.

A notice to the Lobbying Register this week shows CCD CEO Stephen Meehan has asked the Government to change Vat rules so that every event it hosts is subject to the same 9pc rate that applies to the hospitality sector, which is the rate applied by some conference centres, but not all, the register notes.

Indo Business

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business