The Dublin-based management company of hotelier and developer Paddy McKillen Snr reported a pre-tax profit of €10.66 million in 2020.
Recently filed accounts show that Mr McKillen’s Dublin-based Hume Street Management Consultants Ltd reported profit in 2019, which came in at £9.98m pre-tax profit.
The company’s revenue derives from the provision of corporate and property management services and accounts show that Mr McKillen’s company received €4.23million in fees from the company Coroin Ltd for Mr McKillen’s work for the London-based luxury hotel group Maybourne a year received in 2020.
This was a significant drop from the €5.7 million received by Coroin Ltd in 2019.
Mr McKillen is currently in a dispute with the Qatari owners of the luxury group Maybourne.
He claims he is owed billions of pounds under an agreement to share future profits with the Qataris at the time of the 2015 sale of Claridge’s, Connaught and Berkeley for £1.3 billion ) rated. The terms of the contract reportedly confirm that Mr. McKillen is ready for 36 percent of the hotels’ upgrade valuation, net of capital expenditures.
Earlier this year, the Maybourne Group confirmed it was ending its management contract with Mr McKillen’s Hume Street Management Consultants, which reported post-tax profit of £9.4m in 2020.
The company’s cumulative earnings increased by €331,432 to €6.27 million in 2020, indicating sizeable dividend payments.
The company paid out €8 million in dividends in 2019 and the dividend payout for 2020 is not being announced.
The cumulative profit in 2019 increased by €652,494 to €6.27 million.
The company’s cash position in 2020 decreased by €611,556 from €2.14 million to €1.53 million.
The company employs eight people and in 2020 the total personnel costs amounted to €582,510.
The Management Board remuneration totaled €212,475.
The company had financial assets of €1.5 million.
The financial statements show that the Company paid expenses on Patrick McKillen’s behalf of €260,495 during the year.
Mr. McKillen provided loans and repaid administrative services and expenses totaling €188,677.
https://www.independent.ie/business/paddy-mckillen-snrs-dublin-firm-records-profits-of-106m-for-2020-41921812.html Paddy McKillen Snr’s Dublin firm posts 2020 profit of €10.6m