Monday 22 January 2018

Receiver gets €1.35m in fees over Lyrath Hotel

Pool area of the luxury Lyrath Hotel outside Kilkenny city
Pool area of the luxury Lyrath Hotel outside Kilkenny city

Gordon Deegan

New figures show that the receiver to the €50m five-star Lyrath resort hotel in Co Kilkenny has received €1.35m in fees to date.

Kieran Wallace of KPMG was appointed as receiver by the Bank of Scotland in 2012 to the 139-bedroom spa hotel. Loans from the bank helped bankroll the development and opening of the Xavier McAuliffe hotel in 2006.

A self-made multi-millionaire, Mr McAuliffe established the Co Kerry-based Spectra group and is part of the consortium that operates the GoSafe Speed vans for the Gardai. Set in 170 acres of mature parkland, Lyrath Estate Hotel is a multi award-winning hotel, spa and luxury wedding venue near Kilkenny city.

Now, a series of receiver extracts recently filed with the Companies Office show that Mr Wallace on behalf of KPMG has received €1.35m in receiver fees with a management company operating the hotel receiving €1.5m in fees.

Underling the growth of the business last year, the hotel recorded trade receipts of €6.5m between May and November in 2015 - a record amount under the receivership for a six-month period.

The €6.5m generated took in the peak summer period and compares to €5.8m for the same period in 2014.

The trading receipts for the May to November period last year also compare favourably to the same period in 2013 when €5.2m was generated in trading receipts. Total receipts during the receivership amount to €36.37m with total payments amounting to €34.3m.

In the last six-month period, the figures show that €1.75m was paid out in wages and salaries; €2.62m paid out to suppliers while the Revenue Commissioners received €851,189 from the business.

The total trading receipts for the period were €6.5m, compared to payments amounting to €5.6m.

The documents show that €750,000 has been paid to the secured creditor in an interim distribution.

Irish Independent

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