Family-owned hotel group Griffin Group returns to profit

One of the best known family-owned hotel groups, the Griffin Group last year returned to profitability with pre-tax profits of €1.7m.

The group operates a number of hotels in the South-East, including the award-winning Monart Spa Resort along with Hotel Kilkenny and the Ferrycarraig Hotel in Co Wexford.

Profits resulted after revenues rose 10% from €16.69m to €18.45m.

The pre-tax profit last year followed pre-tax losses of €5.6m in 2013 caused by impairment costs, a positive swing of €7.3m.

Operating profits at the group last year increased more than threefold, going from €621,236 to €2m.

The profit last year takes account of non-cash depreciation costs of €428,843.

The driving force behind the hotel group for many years, winning Wexford hurling boss, Liam Griffin transferred the vast proportion of his shareholding to his two sons, Michael and Liam Anthony in 2014.

Liam Griffin, now 71, retired from active day-to- day management in 2012 and is chairman of the board.

Group CEO, Michael Griffin said: “It is testament to my father, Liam for his unwavering energy to grow the Griffin Group and to do so with a clear vision of successfully transitioning to the next generation.

“We have over the last number of years had to make tough choices but the 2014 figures continue to show the benefits of these essential measures resulting in a group operational profit of just over €2m in 2014.”