Castleknock reports six figure loss

Tania Longmire
By Tania Longmire June 4, 2013 11:18

Castleknock reports six figure loss

castleknockCastleknock 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.”

 

Tania Longmire
By Tania Longmire June 4, 2013 11:18
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