Management company for O’Brien’s Quinta do Lago in profit after ‘strong recovery’

The company that manages Denis O’Brien’s Quinta do Lago golf resort in the Algarve recorded a profit of £1.37 million (€1.56m) last year after making “a strong recovery” with the easing of Covid-19 restrictions.

Accounts for UK-registered Algarve Golf Courses Ltd, show that a subsidiary that manages the complex in Portugal – Sociedade do Golfe da Quinta do Lago – made the profit in the year to the end of December 2021. The £1.37 million profit followed a loss of £3.7 million in 2020 – a positive swing of £5.07 million.

The company closed the financial period with capital and reserves of £13.85 million.

The directors of Algarve Golf Courses Ltd noted that the Sociedade do Golfe da Quinta do Lago “has had a strong recovery following the easing of Covid-19 restrictions which has continued into 2022″.

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Mr O’Brien acquired the Quinta do Lago resort in 1998, and has expanded it substantially in the years since. It comprises three golf courses, hotels, a sports campus and residential units.

Algarve Golf Courses had net assets itself of £7.24 million at the end of 2021 – unchanged from the end of 2020. The directors noted that it did not make a profit in 2020 as it did not trade. It paid no dividend for the year.

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Separately, accounts for another Denis O’Brien-owned entity, Catalunya Golf Ltd, show that it recorded a pretax loss of £2.19 million during the year. The entity is a holding company for companies engaged in the ownership and management of golf courses. Its directors noted that both the level of business and the year-end financial position were satisfactory.

The company’s loss arose from the foreign exchange conversion of its underlying investment rather than from trading. The £2.19 million loss followed a pretax profit of £1.7 million in 2020, with the latter arising from a foreign exchange gain.

The directors state that the company’s subsidiary “has had a strong recovery following the easing of Covid-19 restrictions which has continued into 2022″.

The subsidiary, PGA Golf de Caldas SA, is engaged in property development, and recorded profits of £2.18 million last year. At the end of last year it had shareholder funds of £14.5 million.