There is little respite in the Irish hotel sector with failures continuing apace. Yesterday’s Iris Oifigiuil revealed that Bank of Scotland (Ireland) which had the largest exposure to the hotel sector, had receivers appointed to Waterford Manor Hotel Limited, a company which owns and operates the Waterford Manor Hotel in Killotteran in county Waterford. The 21-bedroom hotel is popular for weddings and has 18 acres of adjoining gardens and parkland.
Tom Kavanagh of Kavanagh Fennell was appointed receiver by the bank on 1st February, 2013.
The hotel is family run by the Coughlan family – Caroline, Kate and Patrick.
Last year, we revealed that more than one in six Irish hotels is controlled by a bank, and the number continues to mount.
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BoSI recently managed a consensual sale of Harry Diamond’s pub chain in Belfast – the write-off was £20m+
http://www.irishnews.com/business/-vote-of-confidence-in-pubs-trade-1219675