MUCKROSS PARK, the Killarney hotel owned by Bill Cullen, the businessman who fronts TV3's The Apprentice,and his partner, Jackie Lavin, had an operating loss of €912,000 in 2010, according to the latest figures.
Accounts for Muckross Park Hotel Ltd show that its turnover remained stable at €2.6 million in 2010. Operating losses grew to €912,000 from €781,000 in 2009.
The company expects a substantial pick up in business this year. It has 4,200 nights booked in advance for the 12 months ahead. At this time last year, advance bookings were 1,000 nights.
It has also increased the number of weddings and other functions booked. The business expects to return to profit this year.
The company’s accounts show that it took an impairment charge on the value of its assets of €2.7 million in 2010. This was a once-off charge against the accounts.
The notes state that the directors, Mr Cullen, Ms Lavin and Carmel Veno, acknowledged that its losses created a “material uncertainty” over of its ability to trade as a going concern.
However, they undertook to continue to provide whatever finance is necessary to support the business. The figures show that Mr Cullen advanced €1.1 million to it during 2010, leaving €9.5 million in total due to him.
Muckross Park Hotel employed 50 people in 2010. The property has 68 bedrooms.
:quality(70)/s3.amazonaws.com/arc-authors/irishtimes/94b68139-c0b9-4a6e-a0d4-0691e9d68362.png)