Business

Clarence Hotel returns to the black with €457,000 profit

Press Up-operated property had recorded a loss of €1.16m in Covid-hit 2021

In 2019, Bono, The Edge and the other shareholders in the Clarence sold the leasehold on the hotel to Paddy McKillen jnr’s Press Up group for €3.74 million. Photograph: Dave Meehan

Gordon Deegan
Thu Sep 7 2023 - 18:25

The Press Up company that operates the Clarence Hotel in Dublin’s Temple Bar last year returned to the black with pretax profits of €457,083.

New accounts filed by Brushfield Ltd to the Companies Office show that the company returned to profit as revenues increased seven-fold from €434,102 to €2.8 million in the 12 months to the end of May 2022.

The company had recorded a pretax loss of €1.16 million in pandemic-hit 2021.

In 2019, Bono, The Edge and the other shareholders in the Clarence sold the leasehold on the hotel to Paddy McKillen jnr’s Press Up group for €3.74 million. The Press Up group employs more than 2,000 people across its hospitality chain, which includes the Dean hotels in Dublin, Cork and Galway.

READ MORE

Bono, The Edge and Paddy McKillen snr retain ownership of the hotel building.

During the early part of the year under review, the hospitality sector remained subject to Covid-19 restrictions. A note attached to the accounts observes that hotels resumed trading on June 2nd 2021, and bars and restaurants reopening on June 7th 2021 for outdoor trading.

The accounts show that the company received €515,597 in State Covid-19 support grants in 2022 and €430,235 in 2021.

The firm’s rent expense increased almost five-fold from €159,500 to €770,025 in 2022.

Numbers employed by the hotel firm last year increased from 17 to 31 as staff costs grew from €206,081 to €903,928.

The profit for last year resulted in the company having accumulated profits of €20,565 at the end of May 2022.

The firm’s cash funds increased from €22,213 to €99,343.

The hotel sector in the Temple Bar area continues to be buoyant, with two separate hotel planning applications before Dublin City Council.

In one case, the owner of the Temple Bar pub, Tom Cleary’s Chambers Properties Ltd, is seeking permission for a six-storey 47-room boutique hotel facing on to Dame Street and Eustace Street. Separately, Ampbay Ltd is seeking to increase the size of the Paramount Hotel on Parliament Street from a 66-room hotel to a 108-room property.

LATEST STORIES