Corrigan ‘happy’ despite Cavan hotel’s £416k loss

Richard Corrigan’s Virginia Park Lodge Hotel in Co Cavan suffered an operating loss of £416,074 (€465,000) last year, newly filed accounts show.

The accounts show that the hotel’s revenues more than doubled to £1.8m.

Mr Corrigan has ploughed millions into his Cavan hotel and said that the investment — including the purchase price — now stands at around £6m and “will go further”.

The Virginia Park employs around 50 people and Mr Corrigan said that he was happy with how the business performed last year.

“We are taking it gently and we are moving forward with the project in the right way.

There is another three years’ investment in the property,” he said, adding that he has dedicated his life to the project over the past four years and spends each weekend there.

Separate accounts for the Dublin-born chef’s UK-based company Richard Corrigan Restaurants Holdings Ltd show an 8% increase in revenues to £10.8m.

The group last year effectively broke even, recording a modest pre-tax loss of £6,460.

In London, Mr Corrigan operates Bentley’s Oyster Bar and Grill, Corrigan’s Mayfair, and Bentley’s Sea Grill at Harrods.

Accumulated profits at the business, as of the end of last year, topped £1.45m while the firm’s cash increased from £571,384 to £745,580.

The company employs 180 people, with staff costs amounting to £4.47m last year.

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