Company report: The Andras House group
The Andras House group is a major property company which also owns a group of hotel and hospitality businesses in Belfast controlled by Lord Rana and his family.
The company operates six hotels, each currently trading actively. The group includes the Ramada Plaza (now rebranded as Crowne Plaza) at Shaw's Bridge, the city centre Holiday Inn, the Holiday Inn Express close to Queen's University, and the Cordia self-catering apartments. The more recent acquisitions have been the two city centre budget hotels trading under the Ibis brand - one in central Belfast and the other near Queen's University.
In recent years group turnover has increased. In the year to April 2013, turnover was £14.7m. By the year to April 2016 turnover had increased by 14% to nearly £16.8m.
After the short-term impact of the exceptional costs from the impairment of the value of assets in the year to April 2013, operating profits have been positive and relatively stable. Pre-tax profits have reflected the changes in operating profits and the outstanding level of borrowed funds has decreased.
In the year to April 2013, reflecting the then market pressure on property values, an unrealised loss of £21m was deducted from the balance sheet value of assets. In the most recent year, the balance sheet value of fixed assets has continued to improve and they are on the books at over £74m in April 2016. The net assets of the group have risen in April 2016 to over £52m.