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.
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