U2 duo’s Clarence profits fall 35%

Profits at the four-star Clarence Hotel — co-owned by U2’s Bono and The Edge — last year decreased by 35% to €73,442.

U2 duo’s Clarence profits fall 35%

Latest accounts for the hotel in Temple Bar, show the business reduced its accumulated losses by €73,442, from €2.452m to €2.379m, in the 12 months to the end of December.

The profit last year follows a profit of €113,787 in 2011, and is the third successive year that the hotel has recorded profits.

The boutique hotel was purchased by Bono and The Edge and a consortium of investors in 1992 and shareholders have advanced interest-free loans to the business and were owed €769,583 at the end of December last.

The shareholders are listed as Bono and his wife, Ali Hewson, The Edge, along with financier, Derek Quinlan, and developer, Paddy McKillen.

A note attached to the accounts states that “the company continues to meet its day-to-day working capital requirements by way of loans from its directors/shareholders which are unsecured and interest-free.”

Five years ago Bono and The Edge secured planning permission for a €150m plan to transform the hotel from a 44-bedroom hotel into a 141-bedroom, five-star hotel and spa, complete with restaurant, bar and fresh food market. The hotel this year sought to extend the planning permission but was refused by Dublin City Council.

The Clarence Partnership has been granted leave in the High Court to challenge the decision.

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