| 18.5°C Dublin

Record Slieve: Profits triple to €2.9m at former Quinn hotel taken over by IBRC

Close

Slieve Russell Hotel in Co Cavan. Photo: Philip Fitzpatrick

Slieve Russell Hotel in Co Cavan. Photo: Philip Fitzpatrick

Slieve Russell Hotel in Co Cavan. Photo: Philip Fitzpatrick

The four-star Slieve Russell Hotel in Co Cavan, once owned by former billionaire Sean Quinn, has seen its pre-tax profits increase more than three fold to €2.9m in the last year.

New accounts show that Slieve Russell Hotel Property Ltd recorded the increase as a result of the reversal of a €2.37m prior year non-cash impairment.

Revenues at the hotel company last year dropped marginally from €14.8m to €14.66m.

According to the directors, "the hotel traded very well in 2018 with the corporate and meeting business outperforming budgets and contributing strongly to 2018 profits".

With the collapse of the Quinn empire, the Irish Bank Resolution Corporation (IBRC), formerly Anglo Irish Bank, assumed control of the Slieve Russell when a share receiver was appointed to the hotel firm in April 2011.

The directors said that as a result of revaluation of the hotel firm's tangible assets last year by CBRE, the value of the assets totalled €20m - an increase of €3m on the value of the assets at the end of December 2015.

However, the hotel company's gross profit last year declined from €4.19m to €3.94m. Its operating profit totalled €3.5m and interest charges of €660,000 reduced the pre-tax profits to €2.9m.

Numbers employed by the hotel firm last year reduced to 222 from 233 with a marginal decline in staff costs to €6.43m from €6.45m.

Indo Business