Brushfield Ltd, according to the latest accounts filed with the Companies Office, experienced a resurgence in profitability as revenues rose from €434,102 to €2.819m in the 12-month period ending May 2022. This upturn in performance coincides with the easing of Covid-19 restrictions.
Following a pre-tax loss of €1.16m in 2021 due to the pandemic, the company achieved a pre-tax profit of €457,083 in the last financial year.
In 2019, Bono, The Edge, and other shareholders sold the leasehold on the Clarence hotel to Paddy McKillen Jr’s successful Press Up group for €3.74m. However, Bono, The Edge, and Paddy McKillen Sr still retain ownership of the hotel building.
The Press Up Group, which employs over 2,000 individuals, operates several notable hotels, including the Dean hotels in Dublin, Cork, and Galway.
During the early part of the review period, the hospitality sector faced ongoing Covid-19 restrictions. The accounts note that hotels reopened for trading on June 2, 2021, and bars and restaurants resumed outdoor trading on June 7, 2021.
The note further emphasizes that since July 2021, trading has remained uninterrupted, resulting in profitable operations for the company.
The accounts reveal that Brushfield Ltd received €515,597 in State Covid-19 support grants in 2022, following grants of €430,235 in the previous year.
Rent expenses for the company surged from €159,500 to €770,025 in 2022. The reported profits also account for non-cash depreciation costs amounting to €346,414.
The number of employees at the hotel firm rose from 17 to 31 in the past year, leading to an increase in staff costs from €206,081 to €903,928.
As a result of last year’s profits, the company’s accumulated profits stood at €20,565 as of May 2022.
The firm’s cash reserves also increased from €22,213 to €99,343.
The hotel industry in the Temple Bar area remains vibrant, with Dublin City Council assessing proposals for a new hotel and an expanded hotel.
Chambers Properties Ltd, owned by Tom Cleary, seeks planning permission for a six-storey boutique hotel with 47 rooms, facing Dame Street and Eustace Street.
Separately, Ampbay Ltd aims to expand the Paramount Hotel on Parliament Street, increasing its capacity from 66 to 108 bedrooms.
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