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Slieve Russell hotel slashed losses to €544,000 last year and expects positive performance for 2014

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The Slieve Russell Hotel is now valued at €10m

The Slieve Russell Hotel is now valued at €10m

The Slieve Russell Hotel is now valued at €10m

The Slieve Russell Hotel in Cavan, once a gem in Sean Quinn's family businesses but now under the control of a receiver, slashed its losses from €9.2m to €544,000 last year as a writedown in the value of the property wasn't repeated.

Underlying operating profit at the hotel, which is operated by a receiver, rose 27pc to €439,000 despite turnover dipping to €11.3m from €11.9m.

The Slieve Russell company has indicated that it expects to post positive earnings before interest, tax, depreciation and amortisation (EBITDA) this year and that it will generate "significant positive cash flows" for the remainder of this year and for 2015.

The directors, who include Dalata Group's chief executive Pat McCann, said that one of their priorities is ensuring the hotel is maintained to the "highest possible standard".

"As a result, the directors have invested in the fabric of the Slieve Russell hotel during 2013, and plan further investment over the course of 2014," they note. The Slieve Russell, which is located close to what was the Quinn group headquarters, had a share receiver appointed to it in 2011 as the Quinn empire unravelled.

The hotel is currently valued at €10m, having had its value significantly reduced.

A subsidiary of the Slieve Russell business had been loaned a substantial amount of money by what was then Anglo Irish Bank.

At the end of 2013, €67m was still owed to Anglo's successor, IBRC.

Irish Independent