Paddy McKillen’s managment company records profits of €10m

Firm provides corporate and property management services

The Dublin-based management company owned by hotelier and property developer Paddy McKillen snr recorded pretax profits of €10.66 million in 2020.

Accounts show that Mr McKillen’s Dublin-based Hume Street Management Consultants Ltd recorded the €10.66 million pretax profit in 2020 after posting pretax profits of €9.985 million in 2019. The combined profits over the two years comes to €20.64 million.

The company provides corporate and property management services and accounts show that it received €4.23 million in fees from Coroin Ltd for services provided in 2020 to the London-based Maybourne luxury hotel group.

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This was down on the €5.7 million received from Coroin in 2019.

Mr McKillen is currently in dispute with the Qatari owners of the Maybourne luxury group.

Mr McKillen claims he is owed billions of pounds under an agreement to share future profits struck with the Qataris at the time of the 2015 sale, which valued Claridge’s, the Connaught and the Berkeley at £1.3 billion (€1.5 billion).

Earlier this year, the Maybourne group confirmed that it had not renewed its management contract with Mr McKillen’s management company. It recorded post tax profits of €9.4 million in 2020 after paying corporation tax of €1.254 million.

The accounts show that the company’s accumulated profits increased by €331,432 to €6.27 million in 2020 indicating sizeable dividend payouts in 2020. It paid out dividends of €8 million in 2019. The dividend payout for 2020 was not disclosed.

Accumulated profits in 2019 had increased by €652,494 to €6.27 million. The company’s cash pile in 2020 decreased by €611,556 from €2.14 million to €1.53 million.

The company employs eight staff and in 2020 staff costs totalled €582,510. Directors’ remuneration totalled €212,475.

The company had €1.5 million in financial assets.

The accounts noted that the company paid expenses on behalf of Patrick McKillen of €260,495 and Mr McKillen advanced loans and repaid management services and expenses of €188,677.

The company’s immediate parent firm is Irish-based Wintergreen Holdings Limited while Isle of Man firm Belleville Limited is the ultimate parent firm.

Gordon Deegan

Gordon Deegan

Gordon Deegan is a contributor to The Irish Times