Carton House Hotel Losses Rise 36%
- Pre-tax losses at the five-star Carton House hotel resort in county Kildare, Ireland, increased by 36% to €3.47 million in 2024.
- The accounts reveal several key financial figures for the group operating Carton House:
- Carton House was sold by the Mallaghan and Kelly families to Irish-American businessman John Mullen in 2017 for approximately €57 million.
Carton House Hotel Reports Increased Losses in 2024
Table of Contents
Reporting by Gordon Deegan
Overview
Pre-tax losses at the five-star Carton House hotel resort in county Kildare, Ireland, increased by 36% to €3.47 million in 2024. The financial performance is detailed in newly filed accounts.
financial Performance Breakdown
The accounts reveal several key financial figures for the group operating Carton House:
- Turnover decreased to €14.94m from €15.38m in the previous year.
- Operating losses increased to €2.89m from €2.16m.
- The book value of the group’s fixed assets at year-end was €69.37m.
- Cash funds decreased from €3.13m to €2.96m.
- Shareholder funds stood at €29.92m, comprised of €57m in called-up share capital offset by accumulated losses of €27.07m.
- The firm held a bank loan of €16.76m and owed €17.38m to group undertakings.
| Financial Metric | 2023 (€m) | 2024 (€m) | Change (%) |
|---|---|---|---|
| Turnover | 15.38 | 14.94 | -2.93 |
| Pre-tax Losses | 2.55 | 3.47 | +36.08 |
| Operating Losses | 2.16 | 2.89 | +33.79 |
| cash Funds | 3.13 | 2.96 | -5.43 |
Ownership and History
Carton House was sold by the Mallaghan and Kelly families to Irish-American businessman John Mullen in 2017 for approximately €57 million.
The Irish Independent reported on the sale.The resort later underwent a relaunch in June 2021 as a Fairmont Managed Hotel.
Fairmont’s official website for Carton House provides details on the current management.
risk Assessment
The directors acknowledge the competitive and challenging nature of the hospitality industry. However,they express confidence in their detailed knowledge and experience within the sector.