Kerry's Parknasilla Hotel surges into the black with €1.3 million profit
The Parknasilla Resort & Spa in Kerry, owned by billionaire Jacqui Safra, recorded a pretax profit of €1.3 million in its 2023 financial year following successive prior losses.
Silork Ltd, the company behind the four-star resort, said profits had 'increased significantly' from 2022 when it recorded losses of more than €400,000. It had made losses in excess of €600,000 in 2021.
The Parknasilla resort, which is situated close to the village of Sneem, has 88 bedrooms, 24 lodges, 38 three-bedroom villas, and a nine-hole golf course. The accounts say the hotel has 'high annual demand' with up to 48 per cent repeat business.
Jacqui Safra, a member of the billionaire Swiss-Lebanese banking family, purchased the business in 2012 for around €11 million, alongside local businessman Tony Daly. A valuation carried out in late 2022 estimated its worth at €24 million.
READ MORE
Turnover remained broadly similar to the year before – €11.53 million in 2023, compared to €11.56 million in 2022. Revenue was significantly above its 2021 level of €6.8 million, as the hospitality industry recovered from the Covid-19 pandemic.
Employee headcount reached 121 in its most recent accounts, up from 119 in 2022 and from just 89 in 2021. Despite the rise in employees in 2023, staff costs decreased to €3.89 million from €4.02 million the previous year. Directors' remuneration increased from €120,000 to €250,000 due to pension contributions which were not made in 2022.
Total creditors had decreased in 2023 to €20.9 million, down from €23 million the previous year, with one loan present in 2022, worth €2.1 million, no longer present in 2023.
A €17.5 million loan owed to an unnamed US bank in 2022 had increased to €18.6 million in 2023 due to interest and foreign exchange changes.
The resort opened a
new €20 million loan facility
to refinance existing debt with a UK-based investment company in May 2025.
The Topland Group is providing the facility, which is secured against the hotel and resort. Mr Daly, Parknasilla's managing director, said at the time that the company was delighted to be working with 'a highly respected party like Topland' saying it was 'showing trust' in the Parknasilla property and the hospitality industry.
In November 2023, the High Court
granted a €146m judgment against the hotel's owner Mr Safra
when a suit was taken by MGG California LLC hoping to enforce a judgment against Mr Safra from the New York supreme court, less credit for sums already secured.
The court heard that the debt had arisen from a personal guarantee for 2018 loans to his company, Spring Mountain Vineyard Inc.
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Irish Times
15 minutes ago
- Irish Times
Inside Ireland's thriving cocktail scene: ‘We have some of the highest quality ingredients in the world'
In 2010, the Merchant Hotel bar in Belfast won the highly prestigious World's Best Cocktail Bar award at Tales of the Cocktail. Tales is the leading global cocktail conference, held annually in New Orleans , and recognition here carries weight. In 2015, Dublin 's Liquor Rooms scored a nomination for Best New International Cocktail Bar and with this news there was a justifiable feeling that Ireland's cocktail scene had arrived. Fast forward 10 years and Dublin's Bar 1661 recently scooped a nomination for Best International Bar Team, but a major international win has still to find its way back to Ireland. The feeling here is that our cocktail game has never been stronger, with some serious players blazing a trail. Meet the bartenders who have earned their stripes on both national and international stages. Ariel Sanecki, Pig's Lane, Killarney Originally from Poland , Sanecki spent time at the luxury Cliff House Hotel and Adare Manor before taking up his current role at Pig's Lane in Killarney . It's a relative newcomer to the drink scene, having opened in October 2023, but it is proving popular, currently serving around 800 cocktails on a Saturday night. Sanecki is passionate about Irish whiskey and has grown the Pig's Lane collection to about 360 bottles, of which 95 per cent are Irish. He wants to push that number closer to 500, purchasing some bottles new, with older editions sourced from collectors or auctions. He also loves to visit distilleries around the island, getting to know the people and stories behind the product. 'Americans love to learn about Irish whiskey so I have to know about it,' he says. READ MORE 'I see big differences compared to 10 years ago. Bartenders have much more knowledge now, with experience built up working abroad before coming home. There are new techniques and tools available which were previously only to be found in Michelin kitchens. Clear ice is one such tool. It makes a big difference to how a cocktail looks and how it drinks as it helps control temperature and dilution.' Sanecki believes good cocktails always start with quality ingredients. The bar team makes many components in house, using local products, including herbs and honey from the hotel garden. 'Ireland has some of the highest quality ingredients in the world and our new menu showcases all our suppliers. I was recently able to find an Irish cold-brew coffee liqueur to use in our signature drink The Black Stuff, making it even more Irish,' says Sanecki. 'I feel people are drinking less but higher quality. Sustainability is important. We are purchasing spirits in large pouches which are used to refill bottles. The spirit cost is cheaper plus there are savings in transporting and recycling glass bottles.' Dave Taylor, Bar 1661 and The Sackville Lounge Dave Taylor, The Sackville Lounge and Bar 1661. Photograph: Al Higgins 'I was working at The Shelbourne and, one day, an American asked for a vodka martini. I didn't know how to make it. I never wanted to feel like that again and that evening I spent several hundred euro on cocktail books. That was the start of my obsession.' Following time at bars around Dublin, Taylor moved to London where he learned how to run a bar in a completely different way. 'Everything was so clean; they had immaculate backbars,' he recalls. He brought these lessons home and incorporated them into 1661 and its new sibling, The Sackville Lounge. Taylor's attention to detail is everywhere. 'There are two freezers at each station in The Sackville. One freezer has glasses at -20 degrees the other has the pre-mixed martinis at -17 degrees. This allows for a martini which really packs a punch. The cold changes the texture; you feel it travelling down through your body,' he says. 'Overall, there is a big push on creative and original drinks. But no matter how complicated the drink, it has to be easy to talk about with customers. Just like chefs, bartenders have egos, but we don't want to alienate people who are just out to enjoy a drink.' The poitín-based Belfast Coffee at 1661 is already recognised as a true classic, so the pressure was on to create a whiskey-based Irish coffee for The Sackville. 'Owner Dave Mulligan likes to say that Irish coffees are our bread and butter, so we put the bread and butter into our Irish coffees,' says Taylor. Without giving away too many trade secrets, the recipe involves butter-washed Irish whiskey, toasted soda bread, stout and thick double cream. Taylor believes that the sign of a good bar is people sitting at the counter talking to each other. 'We are naturally good at hospitality in Ireland, but we can also improve. Every customer wants to be seen, to be acknowledged. Bars should be geared towards fun and a good atmosphere. Cocktails aren't needed for this, but they do help.' Andy Ferreira, Cask, Cork Andy Ferreira, Cask. Photograph: Miki Barlok 'I had a hard sell persuading the owners to make Cask into a cocktail bar,' says Andy Ferreira. 'They wanted to go for a wine or gin bar, but I'm glad they trusted me.' From day one, drinks at Cask have had a strong seasonal focus. Ferreira likens it to a restaurant, where chefs build relationships with suppliers and focus on local ingredients. Classic cocktails at Cask are made to standard recipes with standard ingredients but, as much as possible, Cask signature drinks only use ingredients grown in Ireland. This presents challenges such as no lemon or lime juice, which are key components of many cocktails. Instead, acidity is added via sharp fruits such as cooking apples and/or rhubarb, or through a home-made compound of citric and malic acids. The Cask signature menu changes regularly, showcasing new drinks and some old favourites 'One of our drinks from the first menu, the Man of Aran, is still on the menu. It uses Connemara peated whiskey and two types of seaweed to achieve its distinctive flavour. It's typical of how we construct drinks, where we pair a well-known spirit with a left of centre ingredient. This encourages customers to try something new,' says Ferreira. 'There has certainly been a shift to drinking less, but better. We all work so hard to pay our bills, but people don't mind spending a few quid on a good drink when they know that love and care has gone into it. We are in challenging times and bars need to be busy to succeed. They will only achieve that by listening to what customers want and by providing memorable experiences.' Ferreira sees bartending as a true craft or trade which has a duty to provide opportunity to smaller Irish brands. 'We can provide the experience, and we need customers to get on board with us.' Jack Weir, The Merchant, Belfast Jack Weir, The Merchant Hotel, Belfast 'I was working as a bar supervisor at another hotel, but when Covid lockdown hit, I found myself wondering 'What had I learned, where can I learn more?'' Weir secured a job at Belfast's Merchant Hotel, where he started polishing glasses. It was a step down from his previous role but he used it as a chance to address bad habits, and really learn how things worked in a top-class cocktail bar. From there he progressed to working the floor before finally making drinks as a trainee bartender. 'It wasn't easy. I was constantly challenged by the head bartender at the time. 'What's the history of this drink? What does it mean?' That's the standard that customers at The Merchant expect. Reading David Wondrich's book Imbibe changed everything for me and it was an insane feeling when I started to get it.' [ 'Masterpiece of Irish whiskey': Belfast hotel launches £1,000 cocktail Opens in new window ] Flavour is everything for Weir, who makes drinks based on what he calls 'hero ingredients'. 'In one of my latest drinks, I use the familiarity of raspberries to get people's attention, but mixed with tequila, natural yoghurt and apricot brandy to make a new drink.' Now head bartender at just 26, Weir is passionate about helping young people get into bartending. 'When I started, my father didn't see the long-term career opportunities and told me take up a 'real trade'. But now that I've taken part in big competitions and I've travelled, he sees the value.' Weir is a regular participant in bartending competitions, seeing it as a way to build up networks as well as skills. 'I make videos from my time in competitions, and from takeover events, to help teach young bartenders how to speed up service, build up drinks in the correct order and progress their skills. This is a real craft that can take you anywhere.' Oisín Davis, author and owner Great Irish Beverages Oisín Davis, author and owner Great Irish Beverages. Photo: Alex Sapienza A long-time industry expert and owner of Great Irish Beverages, a marketing and consultancy business, Davis is a well-known name in the industry. He's also the author of Irish Kitchen Cocktails, which offers tips and recipes for making great cocktails at home. Davis is a big believer too in cocktails here needing to be made with Irish ingredients. But back in the nascent cocktail scene, it was more important to promote good cocktails and raise the overall standard. In parallel, Davis gradually introduced bars to more Irish products. 'Quick ways to achieve this are through Irish coffees, or using an Irish vodka in espresso martinis. These are simple switches but cumulatively they can have a big impact.' He believes that hospitality businesses need to work more with Irish drink distillers and producers. 'Because of the range of spirits and ingredients used, cocktails bars can be a stronger advocate for Irish products than many higher-end restaurants. Bartenders just don't get enough respect for their continued support and commitment to Irish produce.' He points to the cocktail tasting experience at Dublin's Bar 1661. 'It's 28 drinks in total, which seems a lot, but it's well judged and the snacks are integral to the night.' Outside of the high-profile bars, Davis would love to see more regular bars offering two or three cocktails, but made really well using Irish spirits. 'With summer on the way, bars could offer a poitín Palomo, which is a really fresh, long drink, or focus on fully Irish G&Ts,' he suggests. 'For leading Irish bars to get international recognition, they need support and investment to get the judges from the big awards to come here. When they do I'm confident they'll love what they'll find.' Three cocktails to try at home Lady Róisín Lady Róisín. Photograph: Jo Murphy Named after Wicklow's greatest disco diva (Róisín Murphy, who is headlining Beyond The Pale this June), this is a party-style serve for four people that can be prepared in advance and topped up with the bubbly at the last minute. Ingredients (Serves four) 100ml Blackwater Wexford Strawberry Gin 1tbs of caster sugar and 1tbs of hot water The juice of two limes 400ml of chilled dry prosecco, champagne or cava Four fresh, rinsed Wexford strawberries Method Stir the lime juice, hot water and sugar in a 1 litre jug until the sugar has dissolved. Add the gin and stir for a couple of seconds. At this point, you can cover it and leave it in the fridge for three or four hours. When you're ready to serve, chill some champagne or coupe glasses with ice and add five or six ice cubes to the jug and give it a quick stir with a spoon. Gently add in 400ml of your bubbly of choice. For each individual serve, remove the ice from the glass, cut a little sliver in the bottom of your strawberry and place it on the side of your glass. Top up the glass and serve. Black Barrel boulevardier Black Barrel boulevardier. Photograph: Jo Murphy This can be batch made and stored in a 1 litre bottle in the door of the fridge. If you're a fan of a Negroni cocktail but also partial to Irish whiskey, then this is for you. Ingredients (Serves 10) 450ml Jameson Black Barrel 225ml Carpano Antica formula sweet vermouth or any sweet Italian vermouth 225ml Campari 100ml water Orange peels to garnish Method Pour the whiskey, vermouth, Campari and water into a jug. Stir for a minute or so, then decant into a clean 1 litre swing-top bottle. Label it with the name and date, and place in the fridge door to chill. As soon as it's cold enough to enjoy, give the bottle a quick shake and pour 100ml into an iced glass tumbler. Stir with a teaspoon for about 10 seconds, then garnish with a strip of orange peel. This mix will hold really well for up to two months in the fridge. After it's opened it, use it within one month, while keeping it stored in the fridge. Stonewell Cider spritz Stonewell Cider spritz. Photograph: Jo Murphy Ingredients (Serves one) 100ml Stonewell dry Irish cider 70ml ginger ale or ginger beer 35ml blended Irish whiskey, such as Jameson Lemon wedge garnish Method Fill a long glass with ice, pour in all of the ingredients, give it a quick stir with a teaspoon and garnish with the lemon wedge. And if you need to increase the amount, simply multiply the recipe by the number of guests, pour the mix solution into a large jug and serve from there. Recipes from Irish Kitchen Cocktails published by Nine Bean Row books. Photography by Joanne Murphy.
Irish Independent
3 hours ago
- Irish Independent
Irish shares hit all-time high despite tariff uncertainty
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Irish Times
10 hours ago
- Irish Times
Prominent businessman loses bid for reporting restrictions on £1bn loan fraud trial
A prominent Belfast businessman accused of fraud in relation to a £1 billion (€1.2 billion) loan deal has been unsuccessful in his bid to have reporting restrictions imposed on the trial. Frank Cushnahan has pleaded not guilty to all charges. He had sought to have reporting restrictions put in place during the trial. His co-accused, Ian Coulter, has also pleaded not guilty to all charges. Mr Coulter did not seek to have reporting restrictions applied. The charges against the men relate to the sale of a loan book held by the National Asset Management Agency (Nama), which was set up by the Irish government to deal with toxic property loans after the banking crisis in 2008. READ MORE Mr Cushnahan had sought an order from the court pursuant to section 4 (2) of the Contempt of Court Act 1981, which states that reporting on certain proceedings may be postponed if there is 'a substantial risk of prejudice to the administration of justice in those proceedings'. In dismissing the application, Mr Justice Ian Huddleston of the Crown Court of Northern Ireland said there was 'no substantial risk to the applicant on the facts'. He said there is 'substantial public interest' in the trial. 'The public interest in fair and accurate reporting of criminal trials generally, and the promotion of public confidence in the administration of justice and the rule of law, is something which very much tends to the dismissal of the application,' the judge said. Nama's Northern Ireland loan book was sold to a US investment fund in 2014. Mr Cushnahan, a former member of Nama's Northern Ireland advisory committee, is charged with fraud for allegedly failing to disclose information to Nama between April 1st and November 7th, 2013. Mr Coulter, a solicitor, is alleged to have made a false representation to a law firm on or around September 11th, 2014. He is also charged with making an article in connection with a fraud, namely a £9 million invoice, and two counts of concealing or transferring criminal property on various dates in 2014. Both men are accused of making a false representation to Nama and a law firm in April 2014. They deny all charges. In his written judgment, which was delivered on Wednesday, Mr Justice Huddleston said: 'The application to this court was essentially by way of written submissions made by Mr Cushnahan's counsel as expanded upon orally but acknowledged by him to be unsupported by any evidential basis or other supporting information.' Mr Cushnahan was represented by Frank O'Donoghue KC and Bobbie-Leigh Herdman BL, instructed by Paul Dougan from John J Rice Solicitors. Four media organisations intervened in the case – The Irish Times, RTÉ, BBC and Mediahuis. They were represented by Richard Coghlin KC, instructed by Fergal McGoldrick of Carson McDowell LLP. Jonathan Kinnear KC and Lauren Cheshire BL, instructed by the Public Prosecution Service, supported the media interveners' submissions.
