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
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.