Griffin Hotel Group, the operator of Monart Destination Spa, the Ferrycarrig Hotel in Wexford and Hotel Kilkenny, has announced €2.9m profit for 2021 following a loss of €1.2m in 2020.

Revenue of €12.5m represented a significant decline from pre-Covid levels due to trading restrictions on the hospitality sector in early 2021, and the group noted that 80% of turnover was spent on staff wages and local suppliers.

The group also announced it is in the early project development stages for a five-acre 1.5MW solar farm at Monart after securing planning permission.

The group recently completed a bedroom and public area refurbishment at the Hotel Kilkenny and Ferrycarrig Hotel following on from the ongoing renovation of the Hotel Kilkenny's gym and leisure facilities and the recent refurbishment of Ferrycarrig's Waterfront Wedding Suite.

Griffin Hotel Group Ltd saw turnover increase to €12.8m in 2021 from €9.0m in lockdowns-impacted 2020. In 2019 the turnover figure was €25.2m

In Association with

Gross profit was €4.8m and filed accounts also show ‘other operating income’ of €4.8m. Group operating profit was €3.8m and after €780,000 interest payments the pre-tax profit was €3.0m.

Net cash generated from operating activities was €5.3m compared with €0.8m in 2020.

The company ended 2021 with total liabilities of €32m and net worth of €15.3m. Griffin Hotel Group banks with AIB and period-end bank loans amounted to €20.8m.

The hotel chain is owned by Michael Griffin and Liam Anthony Griffin (76), and the latter stepped down from his director role in September 2021

(Pic: Colin Shanahan - DigiCol Photography)