The Carton House hotel resort in Co Kildare sustained a €10.9m pandemic hit to revenues in 2020.
New accounts for the Belmullet Hospitality Group Ltd that operates Carton House Hotel, Golf and Spa Resort in Maynooth show that the business recorded pre-tax losses of €14.5 million during the early pandemic hit 2020.
The Covid-19 enforced closures of 2020 resulted in revenues decreasing by 72% or €10.9m from €15.17m to €4.25m.
The resort has undergone substantial refurbishment since and the new accounts state that the owners of Carton House resort "are committed to maintain significant investment and support to this valuable asset and business over the coming years".
The resort regularly hosts the Irish rugby team at training camps and new accounts show the business recorded the pre-tax losses after a non-cash write down of €10 million.
The write down of €10m arose from an impairment review carried out in 2021 by directors following the firm engaging a professional valuer to value the property last year.
The directors state that the impairment review was on the basis of the valuation that was indicative of conditions at the end of 2020.
The hotel resort was sold by the Mallaghan and Kelly families to Irish American businessman John Mullen for around €57m in 2017.
The directors state that the newly renovated hotel re-opened in June 2021 after five months of closure last year.
The directors add that the owners' investment in the coming years will be made through funding working capital, interest commitments and debt repayments as they arise.
The directors state that the owners will also fund refurbishment works throughout 2021 and 2022.
The directors state that the owners have partnered with a luxury hotel brand to maximise the potential of the hotel and resort and the long term return on their investment.
The 2020 loss takes account of non-cash depreciation costs of €1.39m. The loss also takes account of Government grants received of €411,709.
Staff numbers totalled 86 for 2020 and staff costs totalled €3.42m.
The accounts put a book value of €67.52m on the business's tangible assets including €36.8m on the company’s freehold property.
The company’s shareholder funds at the end of December 2020 totalled €39.55m. The company’s cash funds increased from €2.36m to €3.2m.
