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PREM Group Experienced A Loss Last Year

Published on Nov 18 2021 1:00 PM in Hotel tagged: Trending Posts / PREM Group / Proventus / Proventus Capital Partners

PREM Group Experienced A Loss Last Year

Irish hotel firm the PREM Group, which operates hotels across Ireland, the UK, the Netherlands and Belgium, experienced a loss last year.

As reported by thetimes.co.uk, recently filed accounts show that the holding group of the company experienced a loss before tax of €13.5 million in 2020. The previous year it had reportedly posted a profit before tax of €19.7 million. The business reportedly lost close to half of its turnover in 2020 compared with the previous year, when sales reportedly dropped from €67.3 million to €35.8 million.

Directors And Chief Executive Statements

The group's directors reportedly said that many of the group’s hotels ceased trading throughout the various COVID-19 pandemic-related lockdowns, availed of government subsidies and "took measures to reduce costs where possible".

PREM Group chief executive reportedly said while speaking to The Sunday Times earlier this year that the group had laid off 800 of its 1,000 employees during the period.

The directors reportedly said in their report that they are "very experienced in their field" and are "well positioned going forward" to meet their liabilities.

Loan

The group reportedly also has a loan of €27.8 million with Proventus Capital Partners that is reportedly set to expire in March of 2022, but the directors reportedly said that they are confident that they will be able to refinance it.

© 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.

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