Pretax profits climbed by 51% to €1.48m at Druids Glen ahead of sale
Wicklow resort changed hands for €45m in June
The profits came as revenues at Druids Glen increased by 5 per cent from €12.87 million to €13.5 million.
Pre-tax profits at the five star Druids Glen hotel and resort in Co Wicklow last year increased by 51 per cent to €1.48 million.
The profits came as revenues increased by 5 per cent from €12.87 million to €13.5 million.
Last year’s profit increase came ahead of the resort being sold for €45 million in June to the Neville Hotels group.
The resort, which has hosted four Irish Open golf championships, was until last June owned by three Irish families – the Lappins, the Hurleys and the Flinns.
Neville Hotels also owns and operates the Royal Marine Hotel in Dún Laoghaire, Co Dublin, the Tower Hotel in Waterford City, and the Kilkenny River Court Hotel in Kilkenny City.
According to the directors’ report for the Druids Glen company, Obalus Hotel Company Ltd, the business “traded strongly in 2018 reporting an operating profit of €1.5 million”.
The directors state: “The results for the year and the financial position at the year end were considered satisfactory by the directors who anticipate similar results for the foreseeable future.”
The company recorded post-tax profits of €1.29 million after paying corporation tax of €187,919.
Numbers employed at the hotel and resort last year grew from 221 to 228 and staff costs increased from €5.1 million to €5.5 million.
At the end of last year, accumulated profits at the company totalled €2.37 million. The company’s cash pile last year increased from €251,486 to €514,389.
Formerly operated by Marriott, Druids Glen first opened in 1995, and is located on a 349-acre site in north Wicklow.