Business Irish

Tuesday 12 December 2017

Muckross Park on course for €600k earnings

Bill Cullen and Jackie Lavin outside the Muckross Park – they owned the hotel until a receiver was appointed in 2013
Bill Cullen and Jackie Lavin outside the Muckross Park – they owned the hotel until a receiver was appointed in 2013

Gordon Deegan

The four-star Kerry hotel formerly owned by Bill Cullen and Jackie Lavin was on course to record earnings of just under €600,000 last year.

The Muckross Park hotel in Killarney is now owned by hotel firm iNua Hospitality. Accounts for the hotel for 2015 show that the business recorded earnings of €290,285 in the 10 months to the end of December 2015.

The directors' report for the Muckross Park states that prepared budgets show the company recording earnings before interest, tax, depreciation and amortisation of €592,000 in 2016 "and they expect this trend to improve by December 2017".

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

However, the accounts show that company recorded a pre-tax loss of €834,804 in 2015.

This takes account of interest charges of €290,342, non-cash depreciation charges of €130,963, management charges and other once-off charges associated with the purchase of Muckross Park Hotel.

In 2015, the hotel had an operating loss of €546,462. Numbers employed totalled 191.

Irish Independent

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