Losses narrow at hotel group owned by former hurling boss as revenues up

Pre-tax losses at the hotel group led by former All-Ireland winning Wexford hurling manager, Liam Griffin narrowed sharply last year to €572,897 after a 11.5% jump in revenues.

New accounts for 2012 and 2011 filed by the Griffin Group Hotels Ltd to the Companies Office show that the group sustained combined pre-tax losses of €11.6m over the two years.

The €11m loss sustained in 2011 arose chiefly from a write-down of €8.7m in fixed assets. Before the 2011 write-down is taken into account, the group recorded a loss of €2.3m that year.

However, the loss sustained in 2011 resulted in the group undertaking a significant change in strategy in 2012 and revenues at the group increased by €1.71m from €14.87m to €16.58m in the 12 months to the end of December last.

According to the directors’ report for 2012, they are “pleased with the improved operating results for the year and the financial position of the group at year end, which were in line with expectations”.

The group operates the award-winning Monart Destination Spa, Hotel Kilkenny and Ferrycarrig Hotel and the accounts for 2012 show that before a non-cash depreciation cost of €1.2m is taken into account, the group was €651,525 cash positive for the year.

The directors “believe the three properties under their ownership structure and their unique, traditional family-owned hotel offering can prevail and grow as shown in the most recent results”.

The report states: “The directors intend to build on this success and garner the strong customer service ethos which has resulted in significant growth.”

The group had bank loans totalling €12.3m at the end of last year.


Aileen Lee meets Christina Kenny - co-founder and design director of Lamb Design - to talk about her work and inspirations.Christina Kenny of Lamb Design: ‘I love bringing the outside in and inside out’

Tyrone designer Sharon Wauchob on her career and the worth of luxury fastion. By Paul McLachen.From Marc Jacobs to her own label, Tyrone designer Sharon Wauchob on her life in fashion

The recent sentencing of two teenage boys for the murder of Ana Kriégel has once again brought the issue of pornography into public discourse. The details of the case, which are finally coming into public knowledge, illuminate some very worrying trends that are pervasive in the modern adolescent world and as parents and indeed as a society we can no longer languish in complacency.Learning Points: Hardcore porn can pollute our children’s minds

If children are confident in interacting with others it takes away so much stress and social anxiety for them. Not too long ago, my daughter Joan and I were out with friends at a restaurant and we wanted extra water and a few other bits and Joan volunteered to go up and ask the waiter for them. My friend was really surprised at this and said that none of her children would willingly do that.Mum’s the word: We should look for chances to strengthen our kids’ social skills

More From The Irish Examiner