Friday 17 August 2018

Muckross Park Hotel on course for strong 2018

Muckross House
Muckross House

Gordon Deegan

The five-star Kerry hotel formerly owned by Bill Cullen and Jackie Lavin is on course to record strong earnings this year.

The Muckross Park Hotel in Killarney is now owned by hotel firm iNua Hospitality. Accounts for the hotel for 2016 show that the business recorded a post-tax loss of €198,732.

This followed the company recording a post-tax loss of €836,804 in 2015, which was mainly due to once-off transaction costs associated with the purchase of the hotel.

However, the directors of the hotel firm state that the business recorded strong earnings before interest tax depreciation and amortisation (ebitda) in 2016 and is on course to record strong earnings in 2017 and 2018 based on management accounts and budgets.

The company sharply reduced its post-tax losses in 2016 after enjoying a €1m increase in gross profit, going from €3.8m to €4.8m.

Numbers employed at the Muckross Park company in 2016 increased from 142 to 165 with staff costs increasing from €2.3m to €2.8m.

Bill Cullen - who fronted TV3's 'Apprentice' - ploughed €10m of his own money into the hotel before ACC appointed a receiver to the business in 2013.

iNua purchased the hotel for €6.25m. It is part of a portfolio that includes the Radisson Blu hotels in Cork, Limerick and Athlone.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business