Hospitality giant Beannchor grows turnover by a quarter to £23.7m
THE hospitality giant, which owns both the Merchant and Bullitt Hotels in Belfast has grown its revenue by almost a quarter to £23.7 million according to its latest financial results.
Ireland's largest hospitality group, The Beannchor Group, headed by Bill Wolsey, has reported increases in turnover, profit and staff numbers in what has been described by directors as a "satisfactory" year.
Turnover grew by £4.4m in the year from £19.2m to £23.7m, an increase of 23 per cent, while operating profit jumped by 77 per cent to £5.7m in the 12 months to June 30, 2017. The group, which owns a portfolio of pubs including Belfast venues The National and The Dirty Onion, as well as the Little Wing Pizzeria chain, also increased its staff numbers significantly from 482 to 579. This brought total staff costs up to £8.3m, a 23 per cent hike on the 2016 total.
In the strategic report accompanying the company accounts, Beannchor directors said the results for the year were "satisfactory", despite competition in the market place remaining "strong". They said the positive results were boosted by the opening of the Bullitt Hotel in October 2016 and the acquisition of a "number of licensed establishments".
In October the group opened a new £1.75m rooftop bar and beer garden within the Bullitt Hotel, adding to Belfast's growing social scene. The creation of the new 'Babel' bar was in addition to a further 31 new bedrooms added at the city centre hotel, bringing the total room capacity to 74. The major investment led directly to the creation of 30 jobs.