TIGL Enterprises Ltd, which operates Trump International in Doonbeg, recorded an operating loss of almost €2 million during 2020, according to newly filed accounts.
One of the largest employers in west Clare pre-pandemic, it availed of the Temporary Wage Subsidy Scheme during the year, but the average number working there dropped from 230 in 2019 to 112 in 2020.
Staff costs dropped by over €3 million year on year, from €6.57 million to €3.54 million.
Sales for the year were down by over €8 million, from just shy of €12 million in 2019 to €3.763 million last year.
The filed document states that “The group made an operating loss of €1,986,319 for the year ended December 31, 2020 (2019 profit of €209,858).” It also says that the company net assets had decreased by €2,087,944.
Three directors of the company are listed, Eric Trump, Donald Trump Junior and Joseph Russell.
A heading in the accounts entitled Directors’ Remuneration says that €190,973 was paid over the course of the year and adds that “The directors’ remuneration disclosed above represents the total compensation paid to key management personnel.”
In the directors report, it states that while Covid has had a major impact on the business, it has performed well since reopening in the summer of this year.
“During the year ended December 31, 2020, the hotel and resort was closed for long periods due to the ongoing impact of Covid-19 and restrictions imposed by the Irish Government. This has had a direct impact on the group’s results for 2020 as reported in these financial statements.
“The restrictions continued post year end; however, the hotel and resort opened in June 2021 and has returned to pre-Covid levels of trading since.
“Nonetheless the ongoing impact of Covid-19 will continue to present challenges and risks for the group and the hospitality sector as a whole. The directors will continue to monitor these risks on an ongoing basis.”
The report said that the company has availed of State help, and that while the outlook is quite uncertain, there are some good signs.
“The group and company have availed of Government subsidies to support its operations during this tiem in line with the vast majority of entities in the hospitality sector.
“The extent and impact of Covid-19 on the group and company’s business and financial results into the future depend on the duration and spread of the outbreak and the related impact on consumer confidence and spending, all of which continue to remain uncertain.
“However with the roll out of the National Vaccination Programme and the continued progress of the Government’s reopening strategy, the directors are confident that the group and company can achieve its budgeted results for the remainder of the period and return to normal trading conditions in the near future.”
The Trump organisation purchased Doonbeg in 2014 and have visited numerous times since, with Donald Trump visiting while still President of the United States in 2019.
Owen Ryan has been a journalist with the Clare Champion since 2007, having previously worked with a number of other publications in Limerick, Cork and Galway. His first book will be published in December 2024.