The luxury four-star Mount Wolseley Hotel, Spa and Golf Resort is set to increase profitability “substantially” this year.
That is according to new owners, Tetrarch Capital, which last year saved the Co Carlow business after investing €7.5m in the resort when taking it out of examinership.
The business entered examinership in April 2014 with debts of €60m to a number of different financial institutions, with around €28m owed to Bank of Ireland alone.
The purchase of the resort, which includes a golf course designed by Christy O’Connor Jnr, by Tetrarch Capital, backed by Smiles Dental founder, Emmet O’Neill, was completed in July of last year.
New accounts just filed with the Companies Office by Mount Wolseley, Hotel, Golf & Country Club Ltd show that the firm’s accumulated losses increased by €282,947 last year.
However, a Tetrarch Capital spokesman said, yesterday, that the firm recorded €1m in costs arising from the examinership and write-offs last year.
He said: “Losses in 2014 related to fees associated with the examinership and a once off write down of certain legacy liabilities. On an underlying basis the business made a profit in 2014, and we will increase profitability substantially in 2015.”
The spokesman said that since Tetrarch Capital took ownership of the resort “there has been a dramatic turnaround in the performance of the business”.
The spokesman reported that “revenue in 2014 was up 3%, notwithstanding being in examinership for a portion of the year, and revenues are up a further 10% so far in 2015, ahead of expectations”.
He added: “Mount Wolseley’s team of 130 staff are doing a great job to ensure that the property is benefitting from the wider improvement in the Irish hotel and leisure market.”
The resort comprises of 143 luxury bedrooms and 27 holiday lodges. The estate was purchased by the Morrissey family in 1994 who operated the resort until the business entered examinership last year.
At the end of December last, Mount Wolseley, Hotel, Golf & Country Club Ltd’s accumulated losses stood at €2.2m. The firm’s shareholders’ deficit stood at €1.38m. The firm’s cash during the year increased from €289,042 to €447,342.
© Irish Examiner Ltd. All rights reserved