The Slieve Russell Hotel saw a massive upsurge in profits during the year up to June 2022 as Covid restrictions started to ease and revenue rose. The Cavan property, previously owned by the Quinn business empire, has been in the possession of the Irish Bank Resolution Corporation (IBRC) since 2011 and will soon go up for sale in order to settle a portion of past debts to Anglo Irish Bank incurred by the Quinn Group.
The hotel earned nearly €4.4m on a turnover of €16.5m – a marked improvement on the prior year, when the pandemic had a heavy toll on the hospitality industry. Valued at €22.3m and with €6.5m in cash on its balance sheet, the Slieve Russell Hotel Ltd – the hotel’s ultimate parent company – has a debt of €66m to IBRC and a net shareholders’ deficit of €41.7m.
The IBRC liquidators are making a big push this year to recuperate funds for the State by getting rid of the remaining assets of the wide-reaching property portfolio held by the Quinn family. In March, they agreed to sell the 128-bedroom Holiday Inn in Nottingham for around £11.9m (€13.5m), previously owned by Aoife Quinn, Seán Quinn’s second-youngest daughter. In February, the Barge, a familiar pub by Dublin’s Grand Canal, was sold for €3.75m.
The Q City office complex in Hyderabad, India is expected to be next on the market, with an estimated worth of €65m. The Hilton Prague, a 791-bedroom conference hotel, could possibly be sold next year, following its refurbishment, with a value of up to €250m.
The Slieve Russell’s financial obligation to the defunct Anglo Irish Bank is linked to loans taken out in January 2007, due for repayment at the end of 2008. This payment couldn’t be met as the Quinn Group was already facing economic hardship due to decreasing property values and bad investments by its founder. Receivers were appointed by IBRC in April 2011.
The accounts indicate that the Slieve Russell is expected to make a profit and generate positive cash flow this year, with a loan payment to IBRC of €2.5m made last year.
