Slieve Russell Hotel: New Ownership, Financials Unveiled
A New Chapter for a Cavan Landmark
The Slieve Russell Hotel in County Cavan, once a flagship property of Sean Quinn’s business empire, has entered a new era under the ownership of Brady Hotels Ireland. The sale, finalized last October for a reported €30 million, marks a important turning point for the 224-bedroom hotel.
Financial Performance: A Closer Look
New accounts for Slieve Russell Hotel Property Ltd reveal a mixed financial picture. While trading results since last June have been positive
and exceeded initial budget projections, the company recorded a pre-tax loss of €1.46 million for the 12 months ending in June.
- Revenue Increase: Revenues rose by 7 percent, from €19.05 million to €20.43 million.
- Operating Profits: The business recorded operating profits of €1.88 million.
- Pre-Tax Loss: Despite increased revenues, a pre-tax loss of €1.46 million was recorded, following a modest pre-tax profit of €9,000 in the previous fiscal year.
The directors attribute the improved trading results to a capital investment program initiated in 2022 and continuing thru 2024. they also noted that additional costs were incurred during 2024 in preparing the underlying assets of the company for sale.
Interest Payments and Inflationary Pressures
A significant factor contributing to the pre-tax loss was a near doubling of interest payments, which increased from €1.84 million to €3.35 million. The directors also highlighted the impact of significant inflationary increases, notably in relation to payroll related costs.
IBRC Involvement and Debt Settlement
following the collapse of the sean Quinn empire, the Irish Bank Resolution Corporation (IBRC), formerly Anglo Irish Bank, took control of the Slieve Russell Hotel in April 2011. At the end of June, the firm owed €68.2 million to IBRC. The directors stated that the loan liability was later settled in full under the terms of a Settlement Deed and allowed the hotel sale to be concluded.
Staffing and Management Compensation
The number of employees decreased slightly from 272 to 271, while staff costs increased from €8.3 million to €9.1 million.Aggregate pay to key management decreased from €718,000 to €673,000.
Looking Ahead: Positive Outlook for 2025
Despite the challenges,the directors remain optimistic about the future. They stated that the outlook for 2025 is positive and trading in 2025 is expected to be in line with 2024.
