Low-profile businessmen Kevin Farrell and Thomas McNicholas netted a \u20ac4 million payout from their emergency accommodation group last year.<\/p>\n
The pair\u2019s property group, which operates from the former Sheldon Park Hotel on Kylemore Road in Dublin 12, owns several large townhouse properties in central Dublin utilised by the State for refugees and homeless people.<\/p>\n
New financial accounts for Farrell and McNicholas\u2019s firm K&T Forbairt Holdings Unlimited Company show it earned \u20ac28.4 million in revenue in the 12-month period to the end of August 2025, compared to \u20ac19.3 million the previous year, and after-tax profits rose from \u20ac7 million to \u20ac10.1 million.<\/p>\n
[\u00a0Owner of refugee accommodation provider got more than \u20ac3m in payOpens in new window<\/a>\u00a0]<\/p>\n The vast majority of revenue was linked to the provision of emergency accommodation, with some \u20ac2.2 million generated from the sale of food.<\/p>\n Farrell and McNicholas, the only two directors of the group, approved the payment of a \u20ac4 million payout during the financial year. The pair also received combined remuneration of \u20ac240,000.<\/p>\n The consolidated accounts for the group have disclosed it controls \u20ac19.5 million worth of property, with many of these buildings owned by individual subsidiaries.<\/p>\n Land records show Farrell and McNicholas own at least three properties in the Gardiner Street area of Dublin 1 and two further properties in Phibsborough, Dublin 7. Many of these properties are Georgian-era buildings that have been subdivided into many individual, self-contained units.<\/p>\n Each subsidiary in Farrell and McNicholas\u2019s group involved in the emergency accommodation business was formed in the past seven years. They employed a combined 146 people last year, with total salaries at the group \u20ac5.3 million.<\/p>\n Last year, the group also amended its ownership structure, which has resulted in it now being owned by K&T Services Limited Partnership. The accounts stated that Farrell and McNicholas are still the ultimate controlling parties of the group.<\/p>\n The Irish Times contacted the company for comment. No reply was received ahead of publication.<\/p>\n Farrell and McNicholas\u2019s companies are among the biggest earners in terms of revenue<\/a> from the State\u2019s refugee and homeless accommodation systems. <\/p>\n This is the first time their main holding company has published consolidated accounts, which have given a full picture of their revenues and profits made from the emergency accommodation system<\/a>.<\/p>\n [\u00a0Ireland\u2019s asylum system is flawedOpens in new window<\/a>\u00a0]<\/p>\n