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.
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.
