Business on the up for company behind the Talbot Group and Pettitts' SuperValu
Published 21/05/2016 | 00:00
business is on the up for Torski Ltd. the company behind the Talbot Hotel Group and Pettitt's SuperValu chain.
The newly-released 2014 accounts show a 7.5 per cent increase in their hotel and retail business turnover to €114 million, two hotel acquisitions and the addition of The Dome Entertainment Centre, in Carlow, to the company assets.
2014 figures show that the group generated €89.5m of revenues in its supermarket business with its hotel trade accounting for €24.5m.
The group operates The Talbot Hotel properties in Wexford town, Carlow and Stillorgan and during 2014 added The Oriel House Hotel and The Midleton Park Hotel to its hotel portfolio along with the Dome Entertainment Centre, a property adjacent to The Talbot Hotel Carlow. The company also operates six Pettitt's SuperValu stores across Wexford, Wicklow and Kildare.
Cormac Pettitt, Managing Director of the Pettitt Group, said, the supermarket group performed very well in 2014 with an increase in sales of 1 per cent in what is a highly competitive and deflationary market.
'Credit for this performance must go to our excellent management and staff. 2014 was a very exciting year for the Talbot Hotel Group with three very significant acquisitions in Ballincollig, Midleton and Carlow and we are looking forward to many years of successful business in these locations.'
Managing Director of the Talbot Hotel Group, said, 'this is a very good news story with acquisitions and investments made in the hotel side of the business along with continued investment and rebranding such as the recently rebranded Talbot Hotel Stillorgan formerly the Stillorgan Park Hotel.
'On-going investment is being made in the Midleton Park Hotel to bring it to the group's 4-star status and an exciting and substantial investment of €2.5m is taking place throughout the group this year with the complete refurbishment of 250 rooms underway.'
During the course of 2014 The Talbot Hotel Group added 200 people to their already 300 strong workforce, securing the jobs at the Ballincollig and Midleton Hotels in Cork along with The Dome Entertainment Centre in Carlow. 450 people are employed across the retail sector of the company.
More recently in January of this year the group announced the purchase of the 'Stonebridge' property on Wexford Quayside a building featuring 73 luxury apartments and duplexes now branded the 'Talbot Suites at Stonebridge'. The lavish Aparthotel will open in mid-June following a multi million-euro investment. Commenting on the recent developments Mr Gavin said the group was very excited to be opening the Talbot Suites at Stonebridge. 'We have invested upwards of €3 million, ensuring the apartments are luxurious relaxing spaces for guests this summer.'
He said the last couple of years have been extremely busy for the Talbot Group and with the recent announcement by the CSO of a 17 per cent rise in overseas visitor numbers to Ireland for the first quarter of 2016 it looks like it will continue to be a successful tourism season for all. In 2014 Torski Ltd. reported earnings before interest, tax, depreciation and amortisation to have increased by 13.6 per cent to €5m and the directors shared a remuneration of €1.38m up from €1.23m in 2013.