Killarney back on course for success

A top golf club, handicapped for several years by a huge debt, is finally out of the rough.

Killarney Golf and Fishing Club made a trading profit of €73,000 for the year ending September 2014 — the first surplus since 2007.

The club, a key part of the area’s multi-million euro tourism network, has also reported a rise in green fee bookings for 2015.

Chairman of the member-elected club council Gerard Walsh said the turnaround was achieved through a tighter management system, with the club council making decisions which are implemented by a general manager. “I believe that’s one the main reasons why we have harmony and why the club is going so well,” he said.

He said the club was now debt-free, except for loans of €600,000, obtained from members, which they would start repaying in 2015.

In 2013, the running of the lakeside complex, in which Fáilte Ireland is a 74% shareholder, was handed over to the members who, in effect, are tenants leasing the property.

The recession heralded the start of the club’s financial difficulties when it encountered problems in repaying loans on a third course, Lackabane, following a huge drop in green fee revenue. At the height of the boom, green fee income was close to €2m, but is now around €1.2m.

The recession is also blamed for a sharp drop in the club’s membership, down 600 since 2008, resulting in a revenue loss of almost €500,000.

The neighbouring Liebherr crane company purchased the Lackabane facility which surrounds its property, for €6m which helped clear the club’s debts.

However, the members’ council — made up of proven business people — also took on a €1m debt when it took over responsibility for the club’s affairs less than a year and a half ago.

Since then, 21 staff were made redundant, bringing about a €650,000 saving in the annual wage bill.

General manager Cormac Flannery said the club was “more cost aware than ever” and was continuing effective housekeeping practices. “There’s been a huge turnaround and things are looking good for 2015, as we continue to improve the quality of our courses,” he said.