Beannchor Records 23% Rise In Turnover

By Dave Simpson
Beannchor Records 23% Rise In Turnover

According to new data, turnover at Northern Irish entrepreneur Bill Wolsey's Beannchor hospitality group increased 23% to £23.7 million (€27.1 million) last year in the wake of the opening of Belfast's Bullitt hotel in October of 2016.

The Belfast Bullitt is the first of a planned chain of hotels, the next of which is planned to open on Dublin's Capel Street in 2019, and will be Wolsey's inaugural investment in the Republic of Ireland.

Meanwhile, Beannchor's operating profits rose 78% to £5.7 million during the year that ended in June of 2017, while bank borrowings totalled £32.5 million, giving rise to an interest bill of £2.4 million.

Furthermore, Beannchor invested close to £5.4 million in fixed assets during the same period, as well as recognising a gain of £740,000 from revaluing its investment properties.