One of the most exclusive hotels in the country, Ballyfin Demesne in Co Laois, last year returned to profit as revenues increased more than three-fold.
New accounts show that Ballyfin Demesne Ltd recorded a pre-tax profit last year of €786,923 after sustaining a pre-tax loss of €1.86 million in 2020 — a positive swing of €2.64 million.
The five-star country house hotel returned to profit as revenues increased by 233 per cent from €1.12 million to €3.73 million last year.
Conde Nast Traveller recently ranked Ballyfin as third in Ireland’s top 10 hotels for 2022.
The 21-bedroom Co Laois hotel has hosted George and Amal Cooney in the past, along with hosting Kim Kardashian and Kanye West during their 2014 honeymoon to Ireland.
The hotel industry was shut down for the first five months of last year due to Government Covid-19 restrictions and accommodation income at Ballyfin last year increased more than three-fold from €624,315 to €2.23 million; ‘food and beverage’ income increased by 201 per cent from €422,585 to €1.27 million; while ‘other’ income increased from €75,016 to €225,762.
The profit takes account of non-cash depreciation costs of €590,243 and Government grants of €1.02 million — separate figures published by the Revenue Commissioners show that the firm availed of the Government’s Covid-wage support scheme last year, the Employment Wage Subsidy Scheme (EWSS).
Numbers employed by the business last year increased from 36 to 48 as staff costs went up from €1.22 million to €1.85 million.
Key management personnel were paid €387,027.
At the end of December last, the firm had shareholder funds of €21.79 million.
This was made up of called up share capital of €53.76 million, other reserves of €6.7 million offset by accumulated losses of €38.67 million.
The firm’s cash funds increased from €1.69 million to €2.74 million. The company’s tangible assets had a book value of €21.3 million.
Advertised online rates across November and December range from €620 per room per night to €2,310 per room per night.
The property was purchased at auction by Ballyfin’s wealthy American owner, Fred Krehbiel, who has invested millions of euros into the refurbishment of the Laois estate since acquiring the property in 2002.
