Fitzwilliam Hotel owner sees profits surge 50%

Profits at the group that operates the five-star Fitzwilliam Hotel and the Bailey pub in Dublin last year jumped by 50% to €9.4m.

Newly filed accounts for Ampleforth Ltd show that the group’s revenues also increased by 12.5% to €32.7m.

The group’s fortunes were boosted by both its hotel and bar being revalued, by CBRE.

The hotel, with additions, was revalued at €43.5m with the Bailey valued at €1.7m.

A note attached to the accounts, on the revaluation, states that the hotel now has a market value of €40m with the development potential of planned additional rooms at a cost of €3.5m.

Numbers employed by the group last year reduced from 147 to 142 with staff costs increasing from €4.5m to €4.78m.

The directors state that they are satisfied with the performance of the group during the year.

“The group will continue to concentrate on its core activity of hospitality-related services. The directors are actively seeking new opportunities in this regard,” they said.

The Fitzwilliam Hotel houses Thornton’s Restaurant, run by celebrity chef Kevin Thornton.

Ampleforth is controlled by Michael Holland, the owner of the Four Star Pizza franchise, which he bought out of examinership in 2011.

He also owns Irish Welcome Tours and the Authentic Ireland travel business. At the end of December last, the group had bank loans totalling €20.25m.