| 8°C Dublin

Another Beautiful Day for U2 as it's the fourth year of profits for the Clarence Hotel

Close

U2

U2

Clarence Hotel

Clarence Hotel

/

U2

U2's four-star boutique hotel, the Clarence, has enjoyed its fourth successive year of profits.

New figures show the hotel in Dublin's Temple bar last year recorded profits of €57,933.

New accounts just filed by Brushfield Ltd show the business reduced its accumulated losses by €57,933 from €2.379m to €2.32m in the 12 months to the end of last December.

The profit last year follows one of €73,442 in 2012.

Prior to 2010, the business had incurred significant losses, with combined pre-tax deficits of €2.64m in 2009 and 2008.

consortium

According to the Clarence's head of marketing and communications, Aileen Galvin, "we've had a great year and are continuing to work hard to make 2015 even more successful".

The hotel was bought by Bono and The Edge and a consortium of investors in 1992, and the accounts show that shareholders have advanced interest-free loans to the business and were owed €769,583 at the end of last December.

The shareholders are listed as Bono and his wife, Ali Hewson, The Edge, financier Derek Quinlan and developer Paddy McKillen.

However, the returns show that Bono and The Edge no longer serve as directors and have been replaced by businessmen Liam Cunningham and Ronnie Delaney who operate the Wagamama brand in Ireland.

The accounts show that Bono, Ms Hewson and The Edge retain 50pc ownership of the firm with Mr Quinlan and Mr McKillen owning the remainder.

The hotel employs 70 people.

A note attached to the accounts lodged by Brushfield Ltd states that "the company continues to meet its day-to-day working capital requirements by way of loans from its directors/shareholders which are unsecured and interest-free".

"These parties have confirmed that they will not seek repayment of such loans for the foreseeable future," it says.

The note adds that the directors "have confirmed their intention to provide the financial support necessary to enable the company to discharge its liabilities as they fall due and continue its operations for the foreseeable future".

permission

It also states that the directors "consider it appropriate to prepare the financial statements on a going concern basis".

Six years ago, Bono and The Edge secured planning permission for a €150m design by international architects Foster + Partners to transform the hotel from a 44-bedroom boutique hotel into a 141-bedroom, five-star hotel and spa with restaurant, bar and fresh food market.

The hotel last year sought to extend the planning permission obtained but was stopped in its tracks by Dublin City Council.

hnews@herald.ie


Privacy