Losses at the company behind the five-star Ballyfin Demesne hotel in Co Laois grew more than fourfold in 2024, largely down to a dip in turnover on the accommodation side of its business.
Originally built in 1826 as a private home of the Coote family, then run as a Patrician Brothers boarding school for boys for 74 years from 1928, Ballyfin was bought in 2002 by the Chicago-based Krehbiel family.
It took a decade of restoration, involving significant investment, to transform it into the 20-room luxury hotel it is today. The price of bed and breakfast there for two people on Saturday is between €1,580 and €2,890 depending on the size of the room.
Accounts filed for Ballyfin Demesne Ltd with the Companies Registration Office show turnover for 2024 amounted to €6,614,878, which was down more than €240,000 from the year before.
The company incurred a loss after tax of €389,281 in the year, which was more than four times the €90,155 it shipped in 2023.
The hit to the group’s bottom line can largely be attributed to a reduction in turnover from the accommodation side of its business. It generated just over €4 million here, which was down from just under €4.3 million in 2023.
The group increased its turnover from food and beverages marginally to just over €1.95 million, while “other” turnover also rose slightly to €646,889. There was also a marginal increase in the cost of sales from €3,589,831 to €3,665,254.
The hotel has a one-star Michelin restaurant, which was awarded to resident chef, British-born Richard Picard-Edwards, in February last year. Ballyfin also retained its three-star Michelin Key status last year, which recognises exceptional hotels.
The hotel was the scene of a fatal assault in November of the year the accounts cover after 60-year-old American guest John McGowan was found dead. His son, 30-year-old Henry McGowan, whom it was noted in court had significant mental health issues, was charged with his murder.
The group employed 96 people in the year, up from 93, and spent €3.5 million on staff, up from €3.2 million.
The company’s net asset position amounted to €22.8 million, which was down from €23.2 million. The directors did not recommend payment of a dividend.