Company snapshot: Andras House Ltd.
Turnover looks suite for hotel firm
Published 05/03/2013 | 04:20
Andras House is both a property company and a group of hotel and hospitality businesses in Belfast owned and controlled by Lord Rana.
The company has six separate hotels each trading actively, ranging from the four star Ramada Plaza at Shaw's Bridge, the city centre Days Hotel, the Holiday Inn Express close to Queen's University, Cordia self-catering apartments and two city centre budget hotels trading under the IBIS brand which opened in December 2009.
Turnover in the group increased in the most recent year by over 5% to exceed £13.2m. Operating profits improved sharply after a less satisfactory set of results in 2011. Pre-tax profits replaced a pre-tax loss in the previous year.
The notes to the financial statements outline ongoing litigation with the Northern Ireland Housing Executive where a development agreement, signed in 1998, is in dispute. The Housing Executive is claiming entitlement to the full possession of the remaining undeveloped lands linked to the Lincoln Centre and next to the now completed Days Hotel.
In the earlier years after 2000 the company enjoyed some appreciation of the balance sheet value of assets as property values increased. The downside of the more recent fall in property values is that the group in the last four years has registered a net loss on the revaluation of its assets. In May 2009, the balance sheet value of shareholders' funds was presented after a loss of £1.8m. Then in May 2010, a further unrealised loss of £6.3m was taken into the accounts.
More recently, in May 2012, an unrealised loss of £20.3m has been deducted from the balance sheet value of assets.
The fixed assets of the group remain on the books at nearly £85m.
Employment has averaged just under 300 people in recent years and in the last year averaged 283 people.