Revenues at the four-star Slieve Russell hotel last year increased by 10% to €22.35m following its purchase by Cavan born Tom Brady in October 2024.
New accounts filed by Slieve Russell Hotel Property Ltd show that it recorded operating profit of €1.75m in the 12 months to the end of June 2025 as revenues rose by €1.92m from €20.43m to €22.35m.
The operating profits of €1.75m followed operating profits of €1.88m in the prior year.
Mr Brady purchased the 224 bedroom hotel property at Ballyconnell, Co Cavan for a reported €30m in the year under review from liquidators of the Irish Bank Resolution Company (IBRC) in October 2024.
The hotel, which was once the jewel in the crown of the Sean Quinn business empire, is now owned and operated by Brady Hotels Ireland following the purchase.
With the collapse of the Sean Quinn empire, BRC, formerly Anglo Irish Bank, assumed control of the Slieve Russell hotel when a share receiver was appointed to the hotel firm in April 2011.
Slieve Russell Hotel Property Ltd recorded a pre-tax profit of €37.58m in 2025 arising chiefly from a €37.62m settlement of debt in connection with the sale.
The company is now part of Brady Hotels Ireland Ltd and the directors for Slieve Russell Ltd state that "trading results since the year end June 30 2025 have been positive and have outperformed the budget prepared for the hotel".
They state that the company's budget for the financial year ending June 30th 2026 indicates that a positive earnings before interest tax depreciation and amortisation (EBITDA) will be achievable.
On the performance of the business in the 12 months to the end of June last, the directors state that "increased occupancy and improved trading results are a direct result of the capital investment programme that commenced in 2022 and continued throughout 2024 and into 2025".
The directors state that the company has experienced significant inflationary increases, particularly in relation to payroll costs.
They state that additional costs were incurred during the financial year to June 2025 in preparing the underlying assets of the company for sale.
They state that the outlook to year end June 2026 is positive.
Numbers employed last year decreased from 271 to 264 as staff costs rose from €9.1m to €9.49m.
The loss also takes account of non-cash depreciation costs of €1.57m.
Aggregate pay to key management last year increased from €673,000 to €942,000.
Reporting by Gordon Deegan
