Ex-owner of Irish Welcome Tours in €10.5m gain

Ex-owner of Irish Welcome Tours in €10.5m gain

Gordon Deegan

Hotelier and businessman Michael Holland gained €10.47m when he sold his Irish Welcome Tours business last year. The sale of the business in July last year contributed to pre-tax profits at Mr Holland’s Ampleforth Ltd increasing almost three-fold to €14.6m for 2017.

Ampleforth also operates the five-star Fitzwilliam Hotel on Dublin’s St Stephen’s Green and revenues at the company last year reached €15.12m.

Ex-owner of Irish Welcome Tours in €10.5m gain

This was a 62% drop on the €40.23m in revenues of 2016 when revenues from “discontinued operations” accounted for €26.1m.

According to the directors’ report, “the Dublin hotel market continues to benefit from strong tourist numbers as well as a vibrant corporate market”.

The report states that the firm received an unsolicited report from Mayfair Equity Partners to consider the sale of subsidiary, Irish Welcome Tours Ltd.

“Terms were agreed and the transaction was completed in July 2017,” the directors say. The booming hotel industry in the capital and soaring property prices resulted in the company having an unrealised gain of €22.97m following the revaluation of the company’s fixed assets.

The revaluation of assets and profits last year greatly strengthened the company’s balance sheet with shareholder funds increasing from €28.32m to €65.39m.

The company last year paid €510,141 in operating lease rentals.

Key members of staff were paid €242,924, and directors’ fees totalled €60,000.

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