New accounts for the operator of Co. Kildare's Carton House Hotel, Golf and Spa Resort, Belmullet Hospitality Group, have revealed that the venue experienced a pre-tax loss in 2020, according to The Irish Times.
Revenues And Losses
As reported by IrishTimes.com, the new accounts reveal that the venue experienced a €10.9 million hit to its revenues in 2020, with revenues decreasing by 72% to €4.25 million that year, while the business experienced €14.5 million in pre-tax losses.
Additionally, the recently filed accounts reveal that the business experienced a €10 million non-cash writedown in 2020 following an impairment review by directors, who said that the valuation was based on conditions when 2020 ended, according to IrishTimes.com, which also reported that the loss figure for 2020 takes account of €1.39 million in non-cash depreciation costs and includes €411,709 in governments grants; the total number of people employed by the business in 2020 was 86; staff costs amounted to €3.42 million; and a €67.52 million book value including €36.8 million on the company's freehold property was put on the business's tangible assets by the accounts.
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© 2022 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.