Belfast Telegraph

Kilmona Group's turnover doubles thanks to hotel and property arms

Paddy Kearney
Paddy Kearney
Ryan McAleer

By Ryan McAleer

A firm headed by one of Northern Ireland's most high-profile developers more than doubled its turnover last year.

Revenues at Paddy Kearney's Kilmona Group rose from £13.6m to £29.7m in the year to June 30 on the back of its hotels and property businesses.

Kilmona is the holding group for the Belfast developer's wide portfolio of interests, which includes hotels, warehouse storage and developing, renting and selling property.

Mr Kearney was one of the so-called 'Maple 10' group that bought shares in Anglo Irish Bank in 2008.

In recent years he has turned his attention to the hotel trade through his hospitality subsidiary, Loughview Leisure.

Loughview's portfolio includes Ten Square Hotel in Belfast, Chimney Corner Hotel in Newtownabbey, the Loughshore Hotel in Carrickfergus and the Bad Ass Kitchen restaurant behind Belfast City Hall.

The group recently put the finishing touches to a £20m redevelopment of city centre hotel Ten Square, which now includes a new bar called The Doffer.

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Loughview, which posted a turnover of £9.2m in 2017, had revenues of £5.2m for the six months to June 30, 2018.

Despite a pre-tax loss of £434,375 during that period, the firm is going through a period of growth, expanding its workforce from 282 to 301 during the first half of last year.

Kilmona is pressing ahead with a £40m bid for two new apart-hotels in Belfast under the Ten Square brand on Stockmans Way and Apollo Road.

The group includes subsidiaries Lanyon Homes NI Ltd, warehouse firm CDC (NI) Ltd and Kilmona Property Ltd.

The biggest source of the group's income in the reporting period was property sales and hotels.

The sale of property garnered £11.7m in revenue for the holding group, compared with £4.2m in 2017. Rent income also rose from £5.9m to £8.2m over the 12 months.

Income from the hotels increased from £808,913 to £7.8m, while warehouse income dipped from £2.6m to £1.9m.

The group's assets were revalued at £131.5m last year, up from £91.7m in 2017.

A report for the group also revealed that Kilmona's expansion since October 2017 had been backed by Fairfield Real Estate Finance and Ulster Bank, both of which provided secured lending facilities.

The company's strategic report outlined the intention of the directors to continue acquiring new assets for development.

Belfast Telegraph