The Moran hotel chain, which owns the Red Cow hotel and pub, recorded a total loss last year of €101 million, according to accounts filed and reported by ‘The Irish Times’.
The loss was due to interest costs relating to the acquisition in 2008 of six Bewley’s hotels and a number of financial charges connected to this deal.
The group also incurred a charge relating to a revaluation of its properties and a currency hit connected to its UK business.
Accounts for TS Taverns Ltd show that the 10 hotels in the chain achieved sales of €92.6 million in the 12 months to the end of January 2009 and an operating profit of €31.1 million.
However, the company had to pay €39.3 million in interest costs to finance a loan used to buy the Bewley’s hotels from Bert Allen in a deal worth 570m.