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Travelodge Takeover Approved As Profits For The Year Double

Published on Dec 1 2016 12:03 PM in Hotel tagged: Goldman Sachs / Tifco / Travelodge / Smorgs / Competition and Consumer Protection Commission

Travelodge Takeover Approved As Profits For The Year Double

Ireland's Travelodge franchise, which has been taken over by Irish hotel group Tifco, nearly doubled its pre-tax profits to €4.155 million last year.

Newly-filed accounts by the company Smorgs, who own and operate the portfolio of Travelodge hotels in Ireland, show that after-tax profits grew from €2.078 million to €3.3 million this year and its net assets totalled €5.586 million at the end of the year, reports The Irish Times.

The accounts also show there was a decrease in staff from 195 to 173 however staff wages and salaries rose from €4.009 million to €4.701 million. Smorgs' directors stated that they were "satisfied" with the group's performance.

Tifco's takeover of the Travelodge franchise was earlier approved by the Competition and Consumer Protection Commission who stated that the deal "will not substantially lessen competition in any market for goods or services".

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