Business Irish

Wednesday 20 March 2019

On a high: McKillen's Wintergreen group sees profits surge by 72pc

Raising the bar: The Devlin Hotel is one of the venues controlled by Press Up
Raising the bar: The Devlin Hotel is one of the venues controlled by Press Up
John Mulligan

John Mulligan

Pre-exceptional profits at Wintergreen Holdings, a hospitality and investment firm controlled by Paddy McKillen, soared 72pc to €19.1m in 2017, newly-filed accounts for the business show. They also reveal that the firm paid €5.9m in dividends in 2017, compared to €8.2m in 2016.

Revenue at the business jumped to €76m from €55.5m. Wintergreen's subsidiaries include the well-known Captain Americas restaurant on Dublin's Grafton Street.

The company is a key component of the Press Up Entertainment group that put a planned stock market flotation on ice last year. Press Up controls venues in Dublin including The Dean Hotel, the Devlin, and Stella Theatre.

The accounts for Wintergreen show that it benefited during 2017 from a €1.4m uplift on the fair value of financial assets, and just over €3m following the revaluation of tangible fixed assets.

Matt Ryan, the boss of Press Up Entertainment, confirmed earlier this month that the group's stock market flotation is on hold for now but that there had been "huge interest" from potential investors.

Irish Independent

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