Luxury Killashee House Hotel and Spa in Kildare sees profits soar to €4.3m

The firm behind the luxury Killashee House Hotel and Spa made a pre-tax profit of €4.3 million in 2014, newly filed accounts for holding company Craigfort Taverns show.

The profit covers the 14 months to the end of December 2014.

It followed the firm recording a pre-tax profit of €550,813 in 2013.

The business emerged from examinership in August 2014 after Brehon Capital Partners and Midwest Holding acquired the hotel for €13m.

Killashee House is a 141 bedroom four-star hotel and spa set in extensive mature gardens and parkland near Naas, Co Kildare.

The accounts show that the cost of the examinership process totalled €783,906.

The filings also show that the company’s profits were boosted by a €1.6m reversal of a previous impairment.

According to the directors’ report “the directors expect to invest in the business in the coming year with a view to achieving managed growth and profitability in the company’s operation”.

A note concerning the company’s going concern status noted that “while the balance sheet continues to show an excess of liabilities over assets at December 31 2014, the company generated an operating profit and positive cash flows during the financial period”.

It added: “The directors have reviewed budgets and cash flow projections for the next 18 months and these indicate that the company will be in a position to meet all of its liabilities as they fall due.”