Profits at luxury Lyrath Estate Hotel jump 67%to €835,000

Profits at luxury Lyrath Estate Hotel jump 67%to €835,000

Pre-tax profits at the Lyrath Estate Hotel in Co Kilkenny last year increased by 67% to €834,979. Newly-filed accounts for Lyrath Demesne Ltd show revenues increased by 8.5% to €12.7m.

The 139-bedroom luxury hotel set on 170 acres had the growth in revenues and profits under the ownership of businessman Xavier McAuliffe who has made a comeback to the business.

It cost Mr McAuliffe over €25m to buy back the estate from Bank of Scotland-appointed receivers and he has since spent €5m on a major refurbishment of the hotel facilities.

In 2012, Mr McAuliffe was forced out of the business when Bank of Scotland’s receivers took the keys to the luxurious estate on the edge of Kilkenny City.

Mr McAuliffe established the Co Kerry-based Spectra group and is part of the consortium that operates the GoSafe Speed vans for the Garda.

Numbers employed by the hotel company last year declined from 202 to 199 as staff costs increased from €4.7m to €5.14m.

A breakdown of the hotel’s revenues show €4.99m was generated from accommodation while €4.3m was generated from food.

Sales of beverages increased from €1.9m to €2m while the income from the hotel’s spa and leisure club increased to €925,681.

The hotel received €170,017 from function room hire and €192,472 from ‘other income’.

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