Business Irish

Monday 19 February 2018

Tetrarch's Killashee House sees profits soar by 71pc

A strong performance saw Killashee House revenue up 10pc
A strong performance saw Killashee House revenue up 10pc

Gordon Deegan

Operating profits at the four-star Killashee House hotel in Co Kildare jumped by 71pc to €1.95m in 2016.

This followed revenues at hotel firm Craigfort Taverns Ltd increasing by 10pc, going from €10.9m to €12m.

The directors state that they expect to continue to invest in the business in the coming year with a view to achieving managed growth and profitability in the company's operations.

The hotel is one of a number of hotels owned by Tetrarch Capital. Other hotels in the Tetrarch group include the Marker hotel in Dublin, Mount Juliet in Co Kilkenny and the five-star Powerscourt hotel in Co Wicklow. "The hotel delivered a strong performance in 2016 with 10pc revenue growth bringing total revenues up to €12m," said Damien Gaffney, managing director of Tetrarch's hotel operational arm, Tetrarch Hospitality.

"Occupancy outperformance, an increase in room rates and effective cost control contributed to operating profits of €1.9m.

"While we've yet to formally report for the financial year 2017, we are very pleased with the performance during the year and most particularly with the improved business mix.

"Our conference and events business continues to successfully attract and retain both domestic and international corporates, and the pipeline into 2018 is very robust.

He added: "Helped by the broader recovery in the economy and improvement in tourism numbers visiting Ireland we are very optimistic about the outlook for 2018."

The 141-bedroom hotel located near Naas was previously owned by businessman, Jack Tierney. Craigfort Taverns in 2016 recorded pre-tax profits of €3.7m - mainly attributable to the company enjoying a €2.5m reversal of previous impairment losses on tangible and financial assets.

This followed a €6.8m impairment reversal in 2015. The company paid €740,488 in interest payments in 2016.

Numbers employed by the hotel in 2016 declined from 148 to 143 with staff costs increasing from €4.45m to €4.5m.

In a subsequent event, the company paid a €1.3m dividend to parent company, Chalus Holdings Ltd, in March of last year.

Last March, the company also refinanced a €14m bank loan on a five-year term and the proceeds of the bank loan was used to repay all shareholder loans and accrued interest totalling €5.4m.

Irish Independent

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