News

Press Up Posts Pre-Pandemic Profit

New accounts for Orsen Ltd, the entity behind Press Up Group, disclose that it had recorded earnings before interest, tax, depreciation, and amortisation of €9.05 million in the 17 clarence

months to the end of May last year.

Press Up Hospitality, paid €3.74 million to Bono, The Edge and other shareholders for the leasehold of the four-star Clarence Hotel in Dublin’s Temple Bar.

Brushfield, the operators of the Clarence Hotel, had €675,375 in cash and owed €692,662 at the time of the purchase in June 2019 and the Clarence Hotel contributed €2.44 million to Press Up’s revenues from the date of purchase to the end of May 2020. The hotel recorded a net loss of €55,364 for the period.

Bono, the Edge and Paddy McKillen snr, father of Paddy McKillen jnr, retained ownership of the hotel building following the conclusion of the deal.

The Orsen accounts cover only 2½ months of the Covid-19 impact on the business. Press Up’s revenues totalled €99.6 million for the 17-month period.

Ryanair plans LSE De-List

Ryanair is continuing with its plans to de-list from the London Stock Exchange (LSE).

The directors of Ryanair Holdings have given notice of their intention to request the UK Financial Conduct Authority (FCA) to cancel the listing of the company's ordinary shares ryanair0121

on the Official List of the FCA.

The board will also request the LSE to cancel the admission to trading of the shares on the main market for listed securities of the LSE.

In a stock exchange statement on Friday, the airline said it has decided to request the cancellation of the London Listing as the volume of trading of the shares on the LSE “does not justify the costs related to such listing and admission to trading, and so as to consolidate trading liquidity to one regulated market for the benefit of all shareholders.”

PREM reports €13.5m loss

PREM Group, which operates hotels across Ireland, the UK, the Netherlands and Belgium, has reported a loss for its most recent financial year.

Recently filed accounts show that the holding group of the company experienced a loss before tax of €13.5 million in 2020. The previous year it had posted a profit before tax of €19.7 million. The business lost close to half of its turnover in 2020 compared with the previous year, when sales dropped from €67.3 million to €35.8 million.

The group's directors said that many of the group’s hotels ceased trading throughout the various COVID-19 pandemic-related lockdowns, availed of government subsidies and "took measures to reduce costs where possible".

Green Flags for 100 Parks

Cork’s Fota House and Gardens and Derrynane House and historic park in Co Kerry are among those to be recognised as some of Ireland’s best public parks and gardens with greenflag1121

the announcement of the 2021 International Green Flag Awards.

A total of 11 Office of Public Works (OPW) sites were among a group of over 100 Irish public parks, gardens and voluntary run green community sites across the country who received their 2021 Green Flags.

The Green Flag Awards, administered by An Taisce, recognise and encourage the provision of good quality parks and green spaces that are managed in environmentally sustainable ways.

This year, An Taisce also implemented the national rollout of the Green Heritage Accreditation Award.

Among the recipients of this inaugural award are the Irish National War Memorial Gardens and the Battle of the Boyne Visitor Centre.

Shane Lowry in Bonded Warehouse deal

Golfer Shane Lowry and publican Alan Clancy, have acquired the Old Bonded Warehouse in Tullamore from Tullamore Dew distillers William Grant & Sons. lowry1121