Profits up for Dromoland Castle Holdings

DROMOLAND Castle Holdings Limited this week revealed it recorded sales revenues of €13.7 million last year.

 

The company acquired The Clare Inn in July 2012, which it has now rebranded as The Inn at Dromoland. Excluding the impact of this acquisition, underlying turnover at Dromoland Castle was up by more than 5% year-on-year. Overall, profits came in at €1.6m, up by 18% on 2011. Its nett profit, after tax and depreciation, was €195,000.

Speaking to The Clare Champion on Wednesday, managing director Mark Nolan said while the company had been loss-making for a couple of years in the last decade, he feels the outlook is better now.

“We’re keeping our head above water. We’ve been a little bit creative about how we do our business and it’s paid off. We feel we’ve rounded the corner by being creative and watching our cost base.”

When he spoke to The Champion, he said the rebranding of the former Clare Inn had just taken place. “The sign went up literally two hours ago, so it’s now completely rebranded.”

Mr Nolan said major improvements are taking place there. “We’ve done a complete renovation of the banqueting suite, which is where we spent money right away. We’ve renovated the first 24 rooms, we’re doing another 11 as we speak and all in all we intend doing a complete refurbishment of the hotel. The nice thing about the hotel is its location to Shannon obviously and it just fits perfectly with us.”

He said having The Inn at Dromoland will allow the company to have a two-tiered rate structure. Mr Nolan said the hotel had been let go to an extent but that will be rectified.

“Hopefully we’re going to build on what was there back in the ’80s and ’90s and what got a little forgotten about over the last 10 years, with the insecurity of its ownership and little or no investment in it.”

Mr Nolan said the addition of new services from Shannon to Philadelphia and Chicago is very welcome and that around half of Dromoland’s business comes from North American visitors.

At the moment, he said, the company is employing around 240 staff.

Chairman of the company, Gavin O’Reilly, said it has performed well in a still difficult environment. “In a still volatile tourism market, with a clear surplus of discounted room stock, it is heartening to see a well-established and world-renowned five-star property like Dromoland Castle not only holds its own but continues to operate very profitably and lead its competitive set at the top end of the market. That’s down to both the uncompromising standards of excellence that Mark and his team achieve daily and thanks to our loyal repeat customers. The addition of The Inn at Dromoland represents a sizeable and important strategic investment for Dromoland and we are delighted to be reunited once again with this property after a 26-year separation.”