Turnover Decreased At Griffin Hotel Group Last Year
Turnover at the Griffin Hotel Group, which owns several hotels in the south-east of Ireland, decreased by close to two-thirds last year.
As reported by The Business Post, the Griffin Hotel Group posted revenues of €8.96 million in 2020, which were down from €25.15 million the previous year, according to accounts filed by the company.
Losses for the period, up until December 31, 2020, reportedly came to €1.18 million, which was reportedly a drop-off from a profit of €2.18 million reported the previous year.
Griffin Hotel Group Information
The Griffin Hotel Group is a family-run business that was founded by Liam Griffin, who coached Wexford's hurlers to an All-Ireland victory in 1996. The family owns and runs the Ferrycarrig Hotel outside of Wexford town, the luxury Monart Spa in Enniscorthy, Co. Wexford, and Hotel Kilkenny in Kilkenny city.
Additional Figures And Directors Statements
Accounts filed by the company reportedly show that it scaled its workforce back by 20% last year in response to the COVID-19 pandemic, reportedly reducing its employee headcount from 483 to 378.
Directors at Griffin Hotel Group reportedly said that COVID-19 presents "many risks" to its success, but that they are "confident that the company is well positioned to return to full trading capacity once the period of uncertainty passes".
To mitigate the effects of the pandemic, the directors reportedly said that "the company has reduced its cost base so that the burden of costs borne during the non-trading period is mitigated".
Wages and salaries paid out by Griffin Hotel Group were reportedly cut in half as part of these cost-saving measures, reportedly decreasing from €8.81 million to €4.12 million.
The directors reportedly said that since the end of the 2020 financial period, "the COVID-19 pandemic continues to have a negative impact on the company and the hospitality industry as a whole".
The company reportedly had assets of €43.5 million and liabilities of €31.08 million at the end of year.
© 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.