Hotelier hopeful banks will roll over interest on Aghadoe Heights debt
Accounts for the 12 months to the end of December 2012 filed by his company, Dalegrove Taverns Ltd that operates the Co Kerry hotel, confirm that since early 2009 the company’s bankers have rolled up the interest due on company borrowings.
Accumulated losses increased by €495,000 from €11.74m to €12.23m in the 12 months to the end of December 31, 2012.
Mr O’Reilly also operates hotels in Kilkenny and Limerick, while the Kerry native entered a number of ventures with developer, Bernard McNamara, including the redeveloped five-star Shelbourne Hotel and the Radisson Blu hotel in Galway.
Dalegrove Taverns Ltd’s auditors, O’Neill Foley, confirmed that it recorded a loss in 2012. The amount owed by the firm to creditors last year increased from €13.84m to €14.12m.
They state “the company is in a net liability position and is dependent on the financial support of its bank to enable it to continue as a going concern.”
The auditor’s note continues: “This dependence indicates the existence of a material uncertainty which may cast significant doubt on the company’s ability to continue as a going concern
“The company’s loan facility letters have expired and bank interest on company borrowings has been rolled up since 2009.”
However, the company’s directors are confident that the company bankers will allow the company to trade in order to maintain the value of the company’s property as a trading entity.
