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The firm that operates J.P. 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 with the Companies Office.
However, in the four-page auditor’s report lodged at the Companies Office, 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”.
The disclosure that Tizzard Holdings UC recorded a loss for last year is a departure from recent years as the auditor’s reports for the years 2022 to 2019 referred only to ‘results for the year’ and didn’t state if the business had recorded a profit or a loss.
The auditor report for 2018 confirmed that the company was also loss-making that year.
In relation to Tizzard Holdings UC’s ‘going concern’ status, Liam Hession of chartered accountants and statutory auditors, BDO states that the Tizzard Holdings UC directors’ “use of the going concern basis of accounting in the preparation of the financial statements is appropriate”.
Mr Hession adds that “based on the work we have performed, 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, renovating, and modernizing the property and the resort has provided a boost to the Midwest economy with the hundred of people employed at the resort.
The ‘no expense spared’ approach by Mr McManus has resulted in Adare being the No 1 resort in Condé Nast Traveler for three years in a row and being awarded five-star rating by Forbes Travel Guide 2023 and 2024.
The golf course on the 840 acre resort – was selected in 2019 to stage the 2027 Ryder Cup.