Holland enjoys €10.47m gain from selling off tours business
Low-profile hotelier and businessman Michael Holland gained €10.47m when he sold his Irish Welcome Tours business.
The sale of the business by Mr Holland to Mayfair Equity Partners in July of last year contributed to pre-tax profits at Mr Holland's Ampleforth Ltd increasing almost threefold to €14.6m for 2017.
Ampleforth also operates the five-star Fitzwilliam Hotel on Dublin's St Stephen's Green and revenues at the company last year totalled €15.12m. This was a 62pc drop on the €40.23m revenues of 2016 where revenues from 'discontinued operations' accounted for €26.1m.
According to the directors' report, "the Dublin hotel market continues to benefit from strong tourist numbers as well as a vibrant corporate market". The report states that the firm received an unsolicited report from Mayfair Equity Partners to consider the sale of subsidiary - Irish Welcome Tours Ltd.
The directors state: "Terms were agreed and the transaction was completed in July 2017."
The booming hotel industry in the capital and soaring property prices last year resulted in the company enjoying an unrealised gain of €22.97m following the revaluation of the company's fixed assets.
The profits last year take account of non-cash depreciation costs of €592,263.
The revaluation of assets and profits last year greatly strengthened the company's balance sheet with shareholder funds increasing from €28.32m to €65.39m.
The sale of the tours business contributed to numbers employed at the business declining from 173 to 129.