70 days to save hotel group
A high Court appointed examiner has 70 days to come up with a plan to save the Dunne Hotel group from bankruptcy after an application was made to the court by the company on Friday, it is reported in this morning’s Sunday business Post.
The Limerick based hotel group employs 200 people, and owns some high profile hotels in the region, including, The Shannon Shamrock in Bunratty, and the Two Mile Inn and Patrick Punch’s hotel in Limerick.
From the paper
The family-owned business had annual revenues of more than €36 million in 2006 and has properties valued at €86 million. However, it has suffered in recent times and is now unable to meet its debts.
The paper also reports that the Dunne group of hotels made a pre-tax loss of €1.1 million in the last twelve months, compared to a €1.1 million.
The same paper reports that Barringtons Private hospital made a pre-tax loss of over €200,000 in 2007. Costs associated with the hospital’s breast cancer care review which took place last year is being cited as one of the reasons for the loss.