Ballymaloe Hotel enjoys turnaround in fortunes

The renowned Ballymaloe Country House Hotel last year enjoyed a turnaround in fortunes, returning to profit.

Ballymaloe last year celebrated its 50th year in business and new figures show it enjoyed a modest profit of €4,949 in the 12 months to the end of October, after recording a loss of €185,933 in the previous 12-month period.

Figures, lodged with the Companies Office by Yeats Room Ltd, show that accumulated profits at the firm increased from €2.136m to €2.141m last year. During the same period, the firm’s cash pile increased from €468,292 to €509,214.

Yeats Room director Hazel Allen said: “We’re delighted with the big turnaround in business. We have worked hard at the business.”

The loss in 2013 arose from capital investment in the property, where the business invested heavily, upgrading a number of bedrooms and improving the grounds.

Ms Allen said: “The increase in business last year was terrific. Numbers here were up 20% and we are very optimistic about 2015 as sterling and the dollar are very strong at the moment.”

The business employs 70 people, including 50 full-time staff, and the food at Ballymaloe House was subject to a scathing review from restaurant critic A.A. Gill last November.

Ms Allen said the review “wasn’t bad for business”. She said: “They say there is no such thing as bad publicity. It did draw a lot of attention to Ballymaloe and our customers did come out to support us.

“We are a very well-established business and you can’t be all things to all people.”

A note attached to the accounts states the directors are engaged in ongoing actions to ensure the company’s cost base is consistent with its turnover.

The note states the directors “believe that the company can generate a satisfactory outcome in the year ending October 31, 2015. This, however, is particularly dependent on revenue targets being met”.

The directors state they are satisfied it is appropriate to prepare the accounts on a going concern basis.

Ninety-year-old Myrtle Allen started the business with her late husband, Ivan, in 1964, that subsequently spawned the cookery school — the second and third-generation Allens have created 16 separate business enterprises.