Owners of Haughey mansion make €36m as pre-tax profit surges 30%

THE building company that owns Kinsealy, the home of former Taoiseach Charlie Haughey, made pre-tax profits of over €36 million last year.

Manor Park Home Builders, which paid €45m for the Kinsealy mansion and surrounding land in 2003, saw profits rise nearly 30% in the year to end March 2005, according to most recent accounts.

Manor Park has ambitious plans for the 230-acres surrounding the house. The plans are to convert the estate into a golf course, with a hotel, 32 detached houses and 14 large courtyard houses for tourists.

The Haughey family are expected to move out of the Abbeyville mansion when construction on the site begins.

Turnover at Manor Park, jointly owned by IWP chairman Joe Moran and the Dublin stock exchange-listed industrial holding company DCC, increased from €111m to €117.8m.

As the cost of sales and administrative expenses fell during the 12 months, the company able to report a rise in operating profits of more than €9m.

As no dividend payment was made to the shareholders during the year, profits carried forward increased to €52.4m to €84.4m.

At the year end, the company had stocks of €83.9m. It also held some €16.8m in cash on its books.

The directors were paid over €4m in salaries, bonuses and pensions, up from €2.3m a year earlier. The company said the increase was because under the terms of trust set up to reward employees over a five-year period, a number of bonuses were paid to the directors.

The directors are listed as Joe Moran, DCC chief executive Jim Flavin, Manor Park’s managing director Michael O’Driscoll, Gerard White and Mr Moran’s son John.

Manor Park employed 149 people at the end of last March, six fewer than 2004.

It also emerged in the accounts that Manor Park sold a commercial property to one of Mr Moran’s children for €2m.