Fitzwilliam Hotel group records profit of €1.9m

The group that operates the five-star Fitzwilliam Hotel and the Bailey pub in Dublin returned to profit last year, recording a pre-tax surplus of €1.9m.

Newly-filed accounts for Ampleforth Ltd show that the group returned to profit after revenues increased by 8.5% to €29m in the 12 months to the end of last December. The pre-tax profit of €1.9m followed the firm recording a pre-tax loss of €15.9m in 2012, which arose from exceptional costs relating to the re-organisation of the group.

The group also operates Irish Welcome Tours Ltd, an incoming tour business, and the return to profit follows the directors of the group, at the end of 2012, undertaking a significant restructuring and refinancing of the overall business.

“This has allowed the Ampleforth Group to concentrate its efforts on its core activity of hospitality-related services,” the group’s directors state in the accounts. “In addition to maximising the returns from existing businesses, the directors plan to acquire other cash-generating assets with the intention of using the positive cash flows to reduce debt levels,” they said.

The Fitzwilliam Hotel houses the Michelin-starred Thornton’s restaurant, run by celebrity chef Kevin Thornton, and a note in the restaurant’s accounts confirms that in July 2013, the firm entered into an agreement with Ampleforth Ltd “whereby Ampleforth Ltd will carry on the trade of the restaurant and the company provides the restaurant management services”.

After a revaluation of the firm’s leasehold property, resulting in a €4.5m increase, total profit was €6.24m.