Beannchor Group Records Decrease In Turnover For Year That Ended On June 30, 2020
New accounts for Northern Irish hospitality group Beannchor have revealed that the firm recorded a 16.5% decrease in turnover to £17.1 million for the year that ended on June 30, 2020.
As reported by The Irish News, Beannchor, which is headed by Bill Wolsey, experienced a decrease in pre-tax profits for its continuing operations from £4.6million in 2019 to £2 million during the 12 month period that ended on June 30, 2020.
Portfolio And Bullitt Holding Ltd
The group's portfolio includes Lisburn's Haslem Hotel, Belfast's Merchant Hotel and The Hillside in Hillsborough as well as The Dirty Onion, The National, Yardbird and the Little Wing pizza chain.
Bullitt Hotel, which is also owned by Wolsey, was moved to a new holding group Bullitt Holding Ltd in 2019 and records its accounts separately. Bullitt Holding reportedly recorded turnover of £3.5 million for the year that ended on June 30, 2020, but reportedly ended the year with a pre-tax loss of £323,257.
Commentary from Beannchor's directors reportedly indicates that the firm has performed strongly since indoor hospitality services resumed in Northern Ireland on May 24, 2021.
The Irish News quotes the firm's directors as saying, "These last eight weeks since we opened our doors have shown strong trading with revenue levels ahead of the 2019 comparable pre-COVID pandemic.
"This performance is very pleasing given the group is still operating in a restricted capacity in many areas, in order to comply with social distancing."
After reportedly initially announcing that it would temporarily lay off approximately 800 employees in March of 2020, Beannchor reportedly subsequently placed most employees on the UK government's furlough scheme.
The implications of furloughing so many employees reportedly also emerged in the report, which reportedly revealed that a group subsidiary called Seanachai Limited was dissolved due to an administrative error while most employees were furloughed.
Beannchor reportedly said that it will seek to reinstate the company promptly.
Possible Delay To Development Of Beannchor Hotel Planned For Dublin
The above news follows last week's news that Ireland's Commercial Court has heard that the development of a 98-bedroom hotel by Beannchor on the site of the former Boland's Bakery, off of Dublin's Capel Street, could be delayed because of a dispute over a laneway between the site of the proposed hotel and a neighbouring property.
© 2021 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.