The Slieve Russell hotel in Co Cavan has reported what ti calls “positive trading results” since June 2023, exceeding initial budget expectations.
The company recorded a pre-tax loss of €1.46m for the 12 months ending in June, following a modest pre-tax profit of €9,000 in the previous fiscal year.
Although revenues increased by 7pc from €19.05m to €20.43m, interest payments nearly doubled, contributing to the financial losses.
Ownership of the hotel transitioned to Brady Hotels Ireland following a €30m sale in October, subsequent to the loss, facilitated by the Irish Bank Resolution Corporation after the collapse of the Seán Quinn empire.
The directors project a positive outlook for 2025, anticipating that trading will remain consistent with 2024 despite facing significant inflationary pressures in payroll and operating costs.
