K Club Records Pre-Tax Losses Of €4.8m For 2016
In the wake of reports that approximately 100 potential buyers have shown interest in purchasing Co. Kildare’s K Club since it was put on the market for €80 million in early July, new accounts for the venue have revealed that it experienced pre-tax losses of €4.8 million in 2016.
According to The Irish Independent, the hotel and golf resort recorded the losses despite experiencing an 11% rise in revenues from €14 million to €16.6 million during the 12 months ending in December of 2016.
"A Once-Off Increase"
2016's €4.8 million pre-tax loss marks a 24% rise on the venue's 2015 pre-tax losses of €3.9 million. The directors stated that the venue's hosting of the Dubai Irish Open in 2016 "contributed to a once-off increase in overall operating expenses".
© 2018 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.