Management at The Kilcoran Lodge hotel, situated near Cahir have expressed confidence that the hotel will be able to resolve it’s financial difficulties.
The hotel has recently entered a receivership situation after being in examinership for approximately 100 days.
Efforts to resolve financial arrangements involving 4 investors and the property owner failed when agreement could only be reached with 3 of the investors.
Speaking on behalf of the hotel Mr John Flannery says the business can trade it’s way out of receivership as this structural issue with it’s finances is resolved.
The company is taking bookings and reservations and will be delivering all events in it’s diary.
The €1.7m purchase of the property in 2018 by a firm controlled by Paul Bowes and his daughter Triona Bowes had been backed by Chinese investors under the immigrant investor programme.
It is understood that investors appointed Joseph Walsh and Padraic O’Malley of JW Accountants in Dublin as joint receivers of the hotel within the past few days.
The pandemic negatively affected the performance of the hotel which employs over 30 staff. Its turnover in 2020 was just under €500,000, while in the first nine months of 2021, turnover was just €414,000.
