BEANNCHOR Group, one of Northern Ireland’s largest employers in the hospitality industry, increased its turnover by nearly 10 per cent last year and saw its profits almost double.
The company, which operates the five-star Merchant Hotel, the Bullitt Hotel, more than 40 pubs including The National, Dirty Onion and Cloth Ear, and the popular Little Wing Pizzeria chain of restaurants, saw sales rise from £23.7 million to £25.8 million in the year to June 30 last, according to accounts filed at Companies House.
This, it said, came in the face of "strong marketplace competition" and was largely down to the acquisition of a number of licences establishments and to the expansion of the Bullitt Hotel, where Beannchor spent £1.75m on a rooftop bar and beer garden and added 31 new bedrooms to bring total room capacity to 74.
Operating profit over the year soared from £5.7 million to £11.2m, though when a £9m-plus interest charge and tax were deducted, it checked in a bottom line profit of £1,737,933 against £2,293,142 a year earlier.
According to a strategic report filed with the results, the group's legal entities underwent a reorganisation over the trading year.
This incorporated the introduction of a new ultimate parent company Beannchor Group Ltd (it was previous known as Beannchor No 1 Ltd) and the demerger of the assets and trade associated with Bullitt Hotel, which had historically been held in Cathedral Leisure Ltd.
In addition, the group completed the refinance of all debt from ELQ Investors II Ltd, which was refinanced by First Trust Bank and Santander.
Beannchor is headed by industry veteran and visionary Bill Wolsey, originally from Ballysillan in north Belfast, who opened his first bar in Bangor 40 years ago.
Wolsey, who has been awarded many accolades including an honorary doctorate for services to business, and received an OBE for services to business and the hospitality industry in 2014, was also recognised last year when he was a category winner in the EY Entrepreneur of the Year awards in Dublin.
The accounts show that in 2018 Beannchor employed 576 staff, three fewer than the previous year, though its total pay bill shot up by nearly a million pounds from £8.3m to £9.2m.
The directors - who as well as Bill Wolsey include Luke Wolsey, Conall Wolsey and James Sinton - were paid a total of just £51,650.
