Slieve Russell Hotel once owned by Sean Quinn back in the black
The four-star Slieve Russell hotel, once owned by Sean Quinn, has returned to profit. Following the collapse of the Quinn empire, the Irish Bank Resolution Corporation (IBRC), formerly Anglo Irish Bank, assumed control of the Co Cavan in hotel, when a share receiver was appointed to run operations in April 2011.
The share receiver continues to operate the hotel, and new accounts filed by Slieve Russell Hotel Property Ltd show the premises recorded pre-tax profits of €7.4m (£6m) after revenues increased by 16%, going from €12.52m (£11m) to €14.56m (£12m) in the 12 months to the end of December last.
The chief factor was the reversal of a property impairment of €6.6m (£5.6m) as the outlook for business improved.
According to the directors' report, "the hotel performed very well over the course of 2015 with an exceptionally high number of corporate and hospitality events managed by the hotel".
The report also states: "The strong performance is attributed to the excellent management team with oversight from the board".
The €7.4m pre-tax profit in 2015 followed the firm recording a modest €65,000 (£54,957) pre-tax loss in 2014.
The directors state that the firm's 2016 budget indicates that positive earnings will be achievable during the year.
They also indicate that the company is expected to generate significant positive cash flows on its own account for the remainder of 2016 and in 2017.
The board states it has continued its investment in the Slieve Russell property over the course of this year.
A note attached to the accounts show that €69m (£58m) is payable to the IBRC in liquidation.
Another note states that the directors are in dialogue with the IBRC in relation to the significant liabilities.
The IBRC charged the Slieve Russell firm interest of €870,000 (£735,000) in 2015, and the company paid €111,000 (£94,000).