Ashford Castle in Receivership

Jimmyboss

Receivers have been appointed to Ashford Castle Hotel in Co. Mayo.

The luxury hotel in Cong - recognised as one of the leading hotels in Europe - is expected to continue trading as normal for the "foreseeable future", with bookings, deposits and events honoured.

The joint receivers appointed from Ernst and Young say employment and supplies will be retained, and there is a full commitment to the scheduled Christmas programme for the hotel.

http://www.breakingnews.ie/ireland/receivers-appointed-to-ashford-castle-hotel-530274.html

nuac

Sorry to hear it. Hope it can carry on. Best wishes to Gerry Barrett and family and all staff and suppliers.

Oldtree

protest at Ashford castle by locals:

http://www.youtube.com/watch?v=rogaDjTL0yQ

Ashford castle then commences court action against locals in High Court:

high court search here: search Year 2011 Plaintiff ashford

http://highcourtsearch.courts.ie/hcslive/cslogin

no good wishes to gerry, pity the staff!

Lady Chatterton

Pierce Brosnan’s dream wedding venue Ashford Castle goes into receivership with massive losses

By Siobhan Creaton

Wednesday November 30 2011

ONE of the country's oldest and most luxurious hotels, Ashford Castle, has gone into receivership.

The five-star hotel in the village of Cong, Co Mayo -- where the film 'The Quiet Man' was filmed 60 years ago -- has racked up enormous losses. It was the chosen venue for James Bond star Pierce Brosnan’s 2001 wedding to Keely Shaye Smith for their wedding reception, and featured on the cover of Hello magazine. The castle received massive interest from abroad following the high profile celebrity filled reception.

The castle built on the banks of Lough Corrib was bought from a group of American investors in 2007 for €50m by Galway property developer Gerry Barrett.

Yesterday Mr Barrett and Bank of Scotland Ireland appointed receivers to take it over.

David Hughes and Luke Charleton of Ernst & Young said the hotel would continue to trade as normal.

They said there will be "no interruption to guests, staff and suppliers".

All events booked with the hotel will go ahead as normal and any deposits paid to the hotel for weddings and other functions will be honoured.

The 130 staff employed at Ashford Castle will continue to be employed during the receivership.

A number of retail units Mr Barrett owns in the Eyre Square shopping centre have also been placed into receivership.

Borrowed

The businessman's other high-profile hotels -- the Meyrick and the G hotel in Galway -- are not affected.

Mr Barrett could not be contacted last night.

The last accounts available for Ashford Castle show that in 2008 and 2009 the hotel reported losses of €39m. It made a loss of €16.1m in 2009 following a €23m loss the previous year.

Mr Barrett (59) is one of the top 10 developers who borrowed from Anglo Irish Bank.

Loans in his group of companies were transferred to NAMA in February 2010. He also has large loans with Bank of Scotland Ireland that he used to buy the castle.

The receivers will be hoping to sell the historic hotel in the future. It is a trophy asset that has rarely come on the market and is likely to attract international interest.

Ashford Castle is said to be trading well but is weighed down by its bank debts.

In the latest accounts, the directors said Ashford "continues to be the pre-eminent property in Ireland's hotel industry".

The company that owns the castle owes Mr Barrett's other company, Edwards Holdings Group, €29.8m.

Mr Barrett has submitted a business plan to NAMA.

Earlier this year Mr Barrett valued a group of his properties at €366m. The former school teacher began buying and developing property Galway in the early 1980s.

- Siobhan Creaton

http://www.independent.ie/national-news/pierce-brosnanrsquos-dream-wedding-venue-ashford-castle-goes-into-receivership-with-massive-losses-2949430.html?start=2

Lady Chatterton

Oldtree wrote: »

protest at Ashford castle by locals:

http://www.youtube.com/watch?v=rogaDjTL0yQ

Ashford castle then commences court action against locals in High Court:high court search here: search Year 2011 Plaintiff ashford

http://highcourtsearch.courts.ie/hcslive/cslogin

no good wishes to gerry, pity the staff!

I was really gutted to read that Ashford Castle had gone into receivership. I love Cong and Ashford Castle has always been one of my favourite hotels. I too would like to wish the staff and suppliers well for the future.

I was truly shocked to read your post about the "right of way" dispute, I hadn't heard about it, it is really disgusting to think that the hotel owner was happy accept to public funding to cover 90% of the cost of tarring the same road a few years ago :eek: :eek: :eek:

It is heavy handed taking the locals to the High Court, it reminds me a little of the Lissadell case, However, the locals (Sligo Co. Co.) won that case to retain the public right of way. I hope the residents of Ashford retain their right of way.

Oldtree

So do I. It was heavy handed in the extreme as court cases cost huge sums of money and what ordinary mortal can afford that sort of expense to protect themselves? And our friend gerry would have known that! Landlord of old tactics that led to the word boycott!

I believe it is clear that the aim is to add value to the estate when selling it by having a completely private estate to sell, just what this county needs, more greed.

Oldtree

<mod edit> Post deleted. Ok I am not overly happy with whats been pushed out here especially with court cases on going, we are only potentially opening up boards.ie to trouble.
I am getting rid of this post and closing the thread as its going down a wrong road. - Yop </mod edit>