Losses had hit €13.6m
THE Kerry hotel has not been making money and its owners were sitting on huge losses of €13.6m before the receivers were called in.
The latest accounts filed with the Companies Office, which are for the financial year 2011, reveal that Jackie Lavin is now the owner of the business. The 2010 account filing lists Mr Cullen as the ultimate shareholder.
The company accounts for 2011 and for 2010 were both filed within a week of each other last month.
Banks are owed €4.7m, considerably more than the €3.6m that the hotel was worth the last time it was valued in October 2010.
ACC Bank, part of Rabobank, is the main lender and it has a mortgage over the hotel and the well-known pub Moll Darcy's, which is attached to the premises.
It's the latest blow for the glamour couple who have already seen Bill Cullen's garages fall into receivership.