independent

Tuesday 11 December 2018

Growth for Griffin Hotel group

Monart Spa
Monart Spa

Brendan Keane

The Griffin Hotel Group recorded continued growth throughout last year according to accounts filed with the CRO.

The group includes well-known Wexford destinations, Monart Destination Spa and Ferrycarrig Hotel along with eqaully well-known Hotel Kilkenny.

The company recorded a 6 per cent increase in turnover - to the tune of €24.2m - in 2017 compared to the previous year, resulting in an operating profit of €3.6m.

The operating profit was 20 per cent up on that of 2016, however, a spokesperson for the group said there were exceptional items recorded in 2016 but the current performance allowed for significant investment in the group.

'This strong performance has facilitated a significant investment programme across the group in environmental and energy efficiency projects aimed at reducing both the energy cost and consumption of the group in future years,' she said.

The group placed 78 per cent of its turnover, approximately €18m, back into the local economy through staff wages and direct suppliers within Wexford and Kilkenny.

Last year the group had an average of 461 employees.

Michael Griffin, a third generation member of the family behind the business, is the company's current Chief Executive Officer and manages the business along with his brother and fellow director, Liam Anthony Griffin.

Speaking about the 2017 figures Mr Griffin said the continued growth is welcomed.

'The continued growth across our group is welcomed and underlines the steady trend of our recovery,' he said.

'We are now in a position to invest in both energy conservation and energy management projects as well as reinvesting in our three properties in order to remain at the high end of the 4 and 5-star markets that we trade in,' he added.

However, he said there are challenges ahead as a result of Brexit and commented there is uncertainty in relation to how that will impact on the domestic economy here especially with regard to UK visitors.

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