Castleknock reports six figure loss
Castleknock GC has become the latest golf club in Ireland to post large financial losses – although they’re far better than the previous year.
The Dublin club made a loss of £117,000 in the 12 months up to April 2012. However, in the 12 months up to April 2011 it made a loss of £303,000.
Some of Ireland’s top golf clubs have been devastated by the economic downturn of the last few years – for example this year Killarney Golf and Fishing Club made more than half of its staff redundant, last year Blarney Golf Resort was put up for sale at a fraction of what it cost to build it and Lahinch Golf Club made a loss of £850,000 between 2008 and 2009.
Castleknock is owned by Monarch Properties, which recorded a loss of £555,000 last year.
A note attached to the accounts of Monarch Properties Holdings said: “The group’s bankers are currently in the process of restructuring the group’s lending facilities.
“The directors have prepared a short-to-medium term financial plan.”