The company that operates JP McManus’s five star Adare Manor Hotel resort in Co Limerick was loss-making in 2023.
That is according to an auditor’s report lodged on behalf of the operator of the luxury resort, Tizzard Holdings Unlimited Company, with the Companies Office.
The detailed financial performance of the Adare Manor hotel firm is put beyond public scrutiny as Tizzard Holdings UC has unlimited status and is not required to file annual accounts.
However, the four-page auditor’s report lodged by auditors BDO state that they have audited the financial statements of Tizzard Holdings UC concluding that the statements “give a true and fair view of the assets, liabilities and financial position of the company as at 30 December 2023 and of its loss for the year”.
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The auditors report for the years 2019 to 2022 did not state if the business had recorded a profit or a loss. In 2018, the auditors report confirmed that the company was loss-making that year.
In relation to Tizzard Holdings UC’s going concern status, Liam Hession of BDO stated that the directors’ “use of the going concern basis of accounting in the preparation of the financial statements is appropriate”.
Mr Hession adds that “we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue”.
The reservations section on the hotel’s website is an indicator of a buoyant business at the Adare resort with no availability of the cheapest rooms at €750 per night across the weekend of November 29th/30th and December 1st. That same weekend, those staying in an Adare Manor suite can pay from €6,625 to €7,425 per night.
JP McManus purchased Adare Manor for a reported €30 million in 2014 and has spent an estimated €50 million in restoring and renovating the property. The golf course on the 840 acre resort – was selected in 2019 to stage the 2027 Ryder Cup.
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