Pre-tax losses at the five star Carton House hotel resort in Co Kildare last year increased by 36% to €3.47m.
New accounts for Belmullet Hospitality Group Ltd that operates Carton House Hotel, Golf and Spa Resort on 1,100 acres of parkland in Maynooth show that the business recorded the increased losses despite revenues rising by 8% from €21.07m to €22.78m.
The resort has regularly hosted training camps for the Irish men's rugby team and the venue enhanced its reputation in the sporting arena when hosting the 2025 and 2024 KPMG Women's Irish Open at the resort's O'Meara golf course.
During the year under review, the KPMG Women’s Irish Open attracted almost 40,000 spectators and an analysis carried out by sponsors, KPMG showed that the 2024 tournament alone contributed an estimated €7m in direct spending, across food, drink, accommodation, event suppliers, rental activities, construction, and utilities.
The hosting of the event added to the resort's revenues and the new accounts show that the group's operating losses increased by 55% from €1.66m to €2.58m in 2024.
The loss included non-cash depreciation costs of €2.2m and the pre-tax loss of €3.47m included interest charges of €884,833.
Numbers employed by the resort last year decreased from 308 to 295 as staff increased by 8% from €10.18m to €10.97m.
A note attached to the accounts states that the owners "are committed to maintain significant investment and support to this valuable asset and business over the coming years, by funding working capital, interest commitments and debt repayments as required".
The owners continued to invest in the business last year with the firm paying out €1.69m to acquire tangible assets and this followed an outlay of €2.16m under the same heading.
The book value of the group's fixed assets at the end of 2024 totalled €69.37m.
The hotel resort was sold by the Mallaghan and Kelly families to Irish American businessman John Mullen for around €57m in 2017 and it re-opened and relaunched in June 2021 as a Fairmont Managed Hotel.
On the risks facing the business the directors state that "the industry in which the group and company operates is competitive and challenging, however the directors have a detailed knowledge and experience in this sector".
At the end of December last, the group had shareholder funds of €29.92m made up of called up share capital of €57m offset by accumulated losses of €27.07m.
The business's cash funds decreased from €3.13m to €2.96m.
The firm owed €16.76m in a bank loan at the end of December last year and €17.38m to group undertakings.
Reporting by Gordon Deegan
