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Hotel

Ballyfin Demesne Hotel Returns To Profit In 2021

By Dayeeta Das

Five-star luxury country house hotel Ballyfin Demesne in Co Laois returned to profit in 2021 after its revenue jumped 233% to €3.73 million, according to a report in the online portal breakingnews.ie.

The business recorded a pre-tax profit of €786,923 last year after sustaining a pre-tax loss of €1.86 million in 2020.

Recently, the hotel was ranked third among Ireland’s top 10 hotels for 2022.

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Last year, the Irish hotel industry was shut down for the first five months due to COVID-19 restrictions imposed by the government.

The hotel's income from accommodation income increased from €624,315 to €2.23 million in 2021, while ‘food and beverage’ income was up by 201% to €1.27 million and ‘other’ income increased to €225,762.

The profit takes into account non-cash depreciation costs of €590,243 and Government grants of €1.02 million, the report noted.

Figures published by the Revenue Commissioners show that the business availed of the Government’s COVID-wage support scheme last year.

Other Highlights

In 2021, the number of employees at the hotel increased from 36 to 48, with staff costs increasing from €1.22 million to €1.85 million.

The firm's shareholder funds stood at €21.79 million at the end of December 2021. It comprised called up share capital of €53.76 million and other reserves of €6.7 million, offset by accumulated losses of €38.67 million.

The firm’s cash funds increased from €1.69 million to €2.74 million during the financial year, while the company’s tangible assets had a book value of €21.3 million.

Ballyfin Demesne has played host to many famous personalities, including George and Amal Clooney, Kim Kardashian and Kanye West.

© 2022 Hospitality Ireland – your source for the latest industry news. Article by Dayeeta Das. Click subscribe to sign up for the Hospitality Ireland print edition.

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