Hol­land en­joys €10.47m gain from sell­ing off tours busi­ness

Irish Independent - Business Week - - Front Page - Gor­don Dee­gan

LOW-PRO­FILE hote­lier and busi­ness­man Michael Hol­land gained €10.47m when he sold his Ir­ish Wel­come Tours busi­ness.

The sale of the busi­ness by Mr Hol­land to May­fair Eq­uity Part­ners in July of last year con­trib­uted to pre-tax prof­its at Mr Hol­land’s Am­ple­forth Ltd in­creas­ing al­most three­fold to €14.6m for 2017.

Am­ple­forth also op­er­ates the five-star Fitzwilliam Ho­tel on Dublin’s St Stephen’s Green and rev­enues at the com­pany last year to­talled €15.12m. This was a 62pc drop on the €40.23m rev­enues of 2016 where rev­enues from ‘dis­con­tin­ued op­er­a­tions’ ac­counted for €26.1m.

Ac­cord­ing to the di­rec­tors’ re­port, “the Dublin ho­tel mar­ket con­tin­ues to ben­e­fit from strong tourist num­bers as well as a vi­brant cor­po­rate mar­ket”. The re­port states that the firm re­ceived an un­so­licited re­port from May­fair Eq­uity Part­ners to con­sider the sale of sub­sidiary – Ir­ish Wel­come Tours Ltd.

The di­rec­tors state: “Terms were agreed and the trans­ac­tion was com­pleted in July 2017.”

The boom­ing ho­tel in­dus­try in the cap­i­tal and soar­ing prop­erty prices last year re­sulted in the com­pany en­joy­ing an un­re­alised gain of €22.97m fol­low­ing the reval­u­a­tion of the com­pany’s fixed as­sets.

The prof­its last year take ac­count of non-cash de­pre­ci­a­tion costs of €592,263.

The reval­u­a­tion of as­sets and prof­its last year greatly strength­ened the com­pany’s bal­ance sheet with share­holder funds in­creas­ing from €28.32m to €65.39m.

The sale of the tours busi­ness con­trib­uted to num­bers em­ployed at the busi­ness de­clin­ing from 173 to 129.

Vik­ing war­riors in bat­tle at Crag­gaunowen, Co Clare – events such as this help at­tract tourists to Ir­ish Wel­come Tours

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