Galgorm group toasts doubling of profits in latest accounts

The Galgorm Collection saw its profit and turnover double last year.

The  parent group for the luxury hospitality company behind the Galgorm Hotel and Spa, which files its accounts as Tullymore House Ltd, saw revenues double from £22.7 million in 2021 to £45.1m for the year ending October 31 2022.

Pre-tax profits surged by 141%from £3.2m to £7.75m over the same period as Covid-19

Alongside its Ballymena-based luxury resort, the Galgorm Collection’s portfolio includes The Rabbit Hotel in Templepatrick and The Old Inn, Crawfordsburn, as well as Belfast restaurants Parisien and Fratelli.

The revenue growth, which was 69% up on its last full pre-pandemic trading year in 2019, reflects the continued investment in existing venues and acquisition of new businesses.

The Galgorm Collection bought The Old Inn, Crawfordsburn in April 2021 and reopened the revamped boutique hotel in September 2021.

It also reopened its Italian-themed Fratelli eatery in Belfast city centre in March 2022 following a £250,000 facelift.

The group also invested £10m in the former Templeton Hotel, after buying the Templeatrick venue in 2019. It relaunched as The Rabbit Hotel & Retreat in June 2021.

The 2022 accounts show the group’s workforce had expanded to 801 people by the end of last October, with around 50 jobs added in the latest trading period.

The Galgorm Collection has added around 212 people to its workforce since 2019.

Total staff costs stood at £18.4m last year, around £4m more than in 2021.

Directors said: “The Collection’s overarching strategy remains focused on the delivery of world class, market-leading hospitality and tourism experiences for both the local economy and Northern Ireland and the island of Ireland as an international tourism destination.

“This is underpinned by the board’s continued commitment to grow the business organically, by continually investing in innovative products and services to exceed market and consumer demands.

“The Collection strives to deliver leading value, whilst consistently providing guests with premium quality hospitality experiences, and will continue to carefully explore and pursue opportunities to further the Collection’s portfolio.”