Group of companies that operate properties in Irish businessman’s golf resort in Spain cut operating losses in 2020
The group of companies that owns, operates and develops properties in Irish businessman Denis O’Brien’s PGA Catalunya golf resort near the Catalan city of Girona in Spain have reportedly cut operating losses by 2020 despite the impact of the COVID-19 pandemic.
As reported by Irish weather, Murryhill Holdings, which is a UK registered company and term-owned by one of O’Brien’s companies on the Isle of Man, reported a 27% drop in revenue in 2020 to 22.7 million pounds sterling (26.7 million euros). In addition to the impact of the pandemic, he reportedly said there was also ‘some impact of Brexit on UK customers’, but he doesn’t expect that to last in the long term.
It is said to have recorded an operating loss of £ 1.8million which would be an improvement over the previous year’s operational loss of £ 2.3million. The company is said to have earned more than £ 1.3million on a land sale deal, which would have helped cut its profit losses by more than half.
The company reportedly cut more than 120 employees during the year, with the number of employees falling to around 190. It is also said to have invested £ 3.5million in a new wellness center, which is said to have opened its doors in Catalunya in April 2021.
Murryhill was reportedly listed for deregistration by UK authorities in November 2021, but that threat was reportedly dropped after her documents were updated and a “cause was given” as to why she should not be deregistered. Days later, a corporate secretarial agency was reportedly fired as Murryhill’s corporate secretary.
O’Brien, who is said to separately own the Quinta Do Lago golf resort in Portugal, is said to have first invested in European golf more than 20 years ago when he took over a then listed company, PGA European Tour Courses. .
PGA Catalunya would be around an hour from Barcelona. It would include two championship courses, a five-star hotel and residential properties developed by the O’Brien company. More than half of Murryhill’s income in 2020 would be linked in its accounts to its real estate business.
John Ryall and Georgina Keane, who are said to be two of O’Brien’s longtime associates, are said to be among its directors.
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