Com­pany Re­port

Belfast Telegraph - Business Telegraph - - Analysis & Company Report - An­dras House

The An­dras House group is a ma­jor prop­erty com­pany which also owns a group of ho­tel and hos­pi­tal­ity busi­nesses in Belfast con­trolled by Lord Rana and his fam­ily. The com­pany op­er­ates six ho­tels, each cur­rently trad­ing ac­tively. The group in­cludes the Ra­mada Plaza (now re­branded as Crowne Plaza) at Shaw’s Bridge, the city cen­tre Hol­i­day Inn, the Hol­i­day Inn Ex­press close to Queen’s Univer­sity, and the Cor­dia self-cater­ing apart­ments. The more re­cent ac­qui­si­tions have been the two city cen­tre bud­get ho­tels trad­ing un­der the Ibis brand — one in cen­tral Belfast and the other near Queen’s Univer­sity.

In re­cent years group turnover has in­creased. In the year to April 2013, turnover was £14.7m. By the year to April 2016 turno- ver had in­creased by 14% to nearly £16.8m.

Af­ter the short-term im­pact of the ex­cep­tional costs from the im­pair­ment of the value of as­sets in the year to April 2013, op­er­at­ing prof­its have been pos­i­tive and rel­a­tively sta­ble. Pre-tax prof­its have re­flected the changes in op­er­at­ing prof­its and the out­stand­ing level of bor­rowed funds has de­creased. In the year to April 2013, re­flect­ing the then mar­ket pres­sure on prop­erty val­ues, an un­re­alised loss of £21m was de­ducted from the bal­ance sheet value of as­sets. In the most re­cent year, the bal­ance sheet value of fixed as­sets has con­tin­ued to im­prove and they are on the books at over £74m in April 2016. The net as­sets of the group have risen in April 2016 to over £52m.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.