Pretax losses at the operator of the five-star Lough Erne resort in Co Fermanagh increased by 8 per cent to \u00a31.66 million (\u20ac1.92 million) in 2024, accounts just filed with Companies House show.<\/p>\n
The figures for Lough Shore Road Ltd show that losses rose despite marginally higher turnover \u2013 \u00a39.84 million (\u20ac11.39 million) in 2024 from \u00a39.81 million the previous year. <\/p>\n
The directors state that they are satisfied with the performance of the business for the year.<\/p>\n
The resort set in the Fermanagh lakelands area completed the latest phase of a multimillion-pound upgrade programme during the year, involving 53 revamped luxury guestrooms, 25 luxury lodges and communal areas. The investment was part of the largest capital injection at the resort since it came under the management of US-based Tru Hotels and Resorts. <\/p>\n
In July 2015, the resort was taken out of court-appointed administration when Tru and US insurer Ability Insurance completed the deal to buy it for \u00a37.7 million \u2013 a fraction of the estimated \u00a345 million invested by local businessman, Jim Treacy in developing the resort.<\/p>\n
The rescue of the business came just two years after Lough Erne Resort hosted a G8 Summit attended by world leaders including then US president, Barack Obama.<\/p>\n
The accounts state that Kenneth King is the ultimate controlling party of the business.<\/p>\n
In the accounts signed off on February 27th this year, a resort directors say they have prepared \u201cdetailed cash flow projections based on their best estimate of trading to December 2026\u201d. <\/p>\n
\u201cThe directors\u2019 projections have been prepared on the assumption that demand will remain strong with acceptable occupancy rates and average rates per room,\u201d it says.<\/p>\n
Despite the trading losses incurred in recent years, the directors say they have a reasonable expectation that the company has adequate resources to continue to operate \u201cgiven the continued support from its ultimate parent company\u201d. <\/p>\n
A breakdown of the 2024 turnover shows that revenues from rooms totalled \u00a33.3 million, food generated \u00a32.96 million, beverage sales came to \u00a31.66 million, golf fees yielded \u00a31.2 million, spa facilities \u00a3536,023 and \u201cother sales\u201d \u00a3148,909.<\/p>\n
Just one additional person as employed over the previous year with costs for the 167 staff rising to \u00a34.86 million from \u00a34.81 million.<\/p>\n
The losses take account of non-cash depreciation costs of \u00a3570,596 and interest costs of \u00a3158,582.<\/p>\n
At the end of December 2024, shareholder funds totalled \u00a31.18 million. Cash funds were down over \u00a355,000 at \u00a3784,096.<\/p>\n","protected":false},"excerpt":{"rendered":"Pretax losses at the operator of the five-star Lough Erne resort in Co Fermanagh increased by 8 per…\n","protected":false},"author":2,"featured_media":435428,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,61,60,6306],"class_list":["post-435427","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ie","tag-ireland","tag-tourism"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/435427","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=435427"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/435427\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/435428"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=435427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=435427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=435427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}