Profits rise for owner of Dublin’s five-star Fitzwilliam Hotel

Profits at the hospitality group which owns Dublin's five-star Fitzwilliam Hotel rose 18 per cent to more than €4 million last year, the latest accounts show.

The Michael Holland-controlled Ampleforth, owner of the hotel as well as the Bailey bar in Dublin and Irish Welcome Tours, grew turnover to €12.7 million last year from €12.5 million in 2015, according to accounts just filed with the Companies' Registration Office.

Profits before tax rose just over 18 per cent to €4.07 million in 2017 from €3.44 million the previous year. Operating profits reached €4.7 million from €4.16 million over the same period.

Accommodation in its hotel accounted for more than €10 million of 2016 sales, compared to €9.5 million the previous year. Food and drink accounted for the balance.

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Lower costs aided the company’s profit growth. The accounts show that the cost of food and drink sold to customers fell to €1.45 million last year from €1.83 million in 2016 while it also had a slightly lower interest bill.

The company’s property was valued at €43.5 million at the end of last year. Its balance sheet shows net assets increased to €26.4 million on December 31st last from €22.8 million 12 months earlier.

Mr Holland took full control of Ampleforth in 2004 after buying out then partner Brendan Gilmore's stake in the firm for an estimated €25 million.

At the time the group owned the Fitzwilliam Hotels in Dublin and Belfast, and the Royal Dublin Hotel on O'Connell Street. It bought the Bailey bar, off Grafton Street, in 2011.

A sister company of Ampleforth bought the 130-bedroom Fitzwilliam Hotel in Belfast in October 2015 in a deal valued at €23 million. Mr Holland's management company, Hotel Partners, had been running the hotel on Great Victoria Street in the city since mid-2009.