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U2's city hotel made loss of €1.6m last year

Independent, September 25, 2010
By: Gordon Deegan

 

Losses continued to mount last year at the Clarence Hotel in Dublin's Temple Bar, owned by U2's Bono and The Edge, with pre-tax losses increasing by over 50pc to €1.64m from €1m in 2008, accounts just filed show.

This followed the hotel recording a pre-tax loss of €237,293 in 2007 -- the last year in which the hotel made a profit was in 2006 when its operating profits totalled €148,800.

The accounts lodged by the 48-room Clarence Hotel show that last year the hotel's turnover dropped by 34pc from €5.2m to €3.3m.

The losses recorded last year put the company's accumulated losses at €2.5m at the end of December last year.

Loans

Other listed shareholders along with Bono and The Edge include financier Derek Quinlan and developer Paddy McKillen, and the returns show that the shareholders have advanced interest-free loans to the business totalling €1m in the past two years.

The numbers employed by the hotel dropped by 21pc from 98 to 71 last year.

The directors' report states that Bono and The Edge, who bought the hotel in 1992, "plan to take the necessary measures to improve operating performance through cost efficiencies as well as continued focus on marketing."

© Independent, 2010.

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