Kilmona Group’s profits slump as new Belfast hotel eyed

Kilmona Group, which owns hotels including Ten Square in Belfast, has reported a slump in pre-tax profits in its latest accounts.

The company,  which is led by developer Paddy Kearney and counts Ten Square among its properties, saw turnover soar by 53% from £18.2m to £28.8m in the year to June 30, 2022.

However operating expenses of £7.5m dwarfed a figure of £319,000 from the previous 12 months when Covid lockdowns were in place.

Profit  for the group also fell from £3.5m in 2021 to £966,000 in 2022.

The news comes after the company unveiled plans for a new hotel in Belfast that will create 52 jobs

Plans were submitted in August last year for the site at Centre House, 69-87 Chichester Street,  that include several retail units on the ground floor.

A pre-application community consultation (PACC) says the proposed hotel represents a £9million investment and is expected to provide a “boost to the retail sector” and encourage more people to visit the high street.

Centre House is currently an office building comprising ground floor retail units with office space above.

The PACC on behalf of Mr Kearney’s Kilmona Holdings states: “Growth in city tourism over the past decade has contributed much to the city centre’s economy and new tourism infrastructure would sustain its growth as a destination of choice for business and leisure tourists.

“The final proposal and planning application will include assessments and reports relating to site specific issues, such as potential impacts upon infrastructure.

“These reports will include mitigation measures, where required, to reduce or negate potential impacts.”

The proposal is for a 146-bed hotel, over five floors, with 17 additional bedrooms. The ground floor will remain as retail units and a restaurant with access to gated private parking.

Kilmona Holdings is one of the largest and well established property groups in Northern Ireland.

Founded in 1974 by Patrick Kearney, the group has grown over the last 40 years from one office property to well over 100 properties in the retail, office, industrial, leisure and residential development property sectors.