Revenues more than halved to €8.48 million at the group that operates the K Club resort in Co Kildare during the pandemic hit 2020.
That is according to new accounts filed by Bishopscourt Investments Ltd and subsidiaries which show that pre-tax losses reduced by 17 per cent to €3.3 million in the 12 months to the end of December 2020.
The accounts show that revenues declined by €9.5 million or 53 per cent from €17.99 million to €8.48 million.
The €3.3 million pre-tax losses follow pre-tax losses of €3.85 million in 2019.
The directors state they are satisfied with the performance of the business during 2020.
The group loss before interest, depreciation and amortisation charges amounted to €200,000.
New owner
Nursing homes investor, Michael Fetherston purchased the resort made up of a hotel, country club and two golf courses from previous owner, Michael Smurfit for around €65 million in February 2020.
Since then, the Covid-19 pandemic has shut down the operation for long periods and a note attached to the accounts states that management continue to monitor the situation to ensure employee and customer safety, whilst controlling costs and accessing ongoing government support in all instances to ensure the continued success and growth of the company after the pandemic.
The control of costs saw cost of sales in 2020 more than halving from €11.2 million to €5.24 million.
The accounts show the Covid-19 impact on employee numbers with headcount reducing from 204 to 105 during 2020.
The accounts show that the group’s net liabilities stood at €24m at the end of 2020 and addressing the business’s going concern status, a note states that the ultimate controlling party has indicated that for at least 12 months from the date of approval of these financial statements, he will continue to make available such funds as are needed by the company.
The accounts put a book value of €60.22 million on the group’s tangible assets and last year, the resort secured planning permission for a new function room for the K Club.
The K Club declined to comment on the accounts.
