The Denis O’Brien-owned group that operates the five-star Camiral Golf and Wellness Resort in Girona in Spain posted pretax losses of £2.56 million (€2.94 million) last year.
The course will host the Ryder Cup in 2031.
Accounts filed to Companies House in the UK show that Murryhill Holdings Ltd sustained the pretax loss as revenues decreased by 17 per cent from £59.42 million to £38.8 million.
The principal activity of the group is the construction, promotion, marketing and operation of a residential and sports resort located in Girona, Spain.
RM Block
The directors state that this activity includes the construction and sale of residential homes and apartments, the operation of a leisure complex including golf courses, a hotel and wellness facility.
Construction revenues declined by 63 per cent from £38 million to £13.9 million while ‘service revenue’ increased by 16.5 per cent from £21.37 million to £24.9 million.
The accounts show that the pretax loss of £2.56 million included a foreign exchange hit of £1.4 million as the company conducts its business in euros in Spain.
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The directors state that subsequent to the year-end “the company’s investment property in Spain, Camiral Resort has been awarded the 2031 Ryder Cup”.
It will be the second time Spain has hosted the golf tournament, 34 years after Seve Ballesteros captained Europe to victory at Valderrama in 1997.
Camiral has two golf courses on the resort’s 540-hectare estate and has been a regular host of major international events, including three editions of the Open de España and the DP World Tour’s Catalunya Championship.
[ Profits up at Denis O’Brien’s Portuguese resortOpens in new window ]
It also includes a five-star Camiral hotel and the 50-bedroom boutique Lavida hotel.
The pretax loss of £2.56 million followed a pretax profit of £3.26 million in 2023.
Along with the foreign exchange loss, the pretax profit also takes account of non-cash depreciation, amortisation and impairment costs of £2.69 million.
The loss also takes into account interest payable of £1.17 million and operating lease costs of £1.58 million.
The business continued to expand in 2024 with it paying out £5.18 million to acquire tangible fixed assets and this followed a payout of £2.4 million under that heading in 2023.
Last year, the company benefited from £738,000 in Government grants “in respect of expenditure on certain fixed assets, research and training”.
Staff numbers last year increased from 366 to 389 while s
taff costs increased from £10.4 million to £10.6 million.
The ultimate parent entity of Murryhill Holdings Ltd is the Isle of Man registered Distell Ltd and the accounts state that “the ultimate beneficial owner of the group is Denis O’Brien”.
