Luxury NI resort, Galgorm, reports £2m increase in sales
8th Aug 2024
One of Northern Ireland’s most luxurious hotels has reported a £2m increase in sales in its latest company accounts.
Turnover at Galgorm outside Ballymena rose to £35.9m in the year to October 2023. Pre-tax profits at the venue, part of the Galgorm Collection, were steady at £6.6m.
In a strategic report filed under company name Galgorm Manor Hotel, the directors said they considered the results for the year to be in line with expectations. Turnover of £35.9m was up from £33.6m while net assets of the company were £21.4m, which was up from £18.9m.
It added: “The board of directors are satisfied with the company’s performance for the year and the position at the balance sheet date.
“The directors continue to monitor revenue and costs to ensure the company remains profitable. The company continues to maintain a strong net asset position.”
Employee numbers over the year rose from 597 to 645, with the company pay bill rising from £13.8m to £14.8m.
The company said it would continue to strengthen the brand’s global positioning, adding: “We will continually seek out new markets, working collaboratively with industry bodies, not just for the benefit of the company, but for the industry within Northern Ireland.”
About luxury resort, Galgorm
The Galgorm is the Galgorm Collection’s flagship property and is receiving a £30m investment to expand its facilities by 2027, with more than £60m already invested over the last decade.
Galgorm Collection opened the £7m Rabbit Hotel & Retreat in Templepatrick, Co Antrim in 2019 and in 2021 acquired and revamped The Old Inn in Crawfordsburn, adding a £2.5m outdoor treetop spa.
The group also owns and operates two Belfast city centre restaurants, Fratelli Belfast and Parisien, as well as Castle Kitchen & Bar in Ballymena.
Pre-tax profits at group company Tullymore House Ltd jumped from £3.2m to £7.8m over the year ending September 2022, while turnover increased from £22.7m to £45.1m.
However, for the year to October 31 2023, Tullymore House has filed financial statements rather than full accounts. The financial statements report shareholders’ funds of £10.5m for the year.
This week, the Galgorm announced it had been chosen to host the hospitality awards ceremony, the World Luxury Awards 2024, on October 19. A second ceremony is due to take place in Bali.
It’s only the second time the awards have been held in the UK or Ireland. The organisers are returning to the venue after it first hosted the event in 2018.
What the future holds for the Galgorm
In June, the venue announced it would be spending £3m on nine ‘forest dens’ as part of a new forest garden. The forest dens feature a private sauna, wood-fired bath and outdoor shower.
An expansion of its Thermal Spa Village is due to follow next summer, including forest walks, wood-fired sauna and hot tubs.
Galgorm was named Best Destination Spa 2024 in the Conde Nast Johansens Awards and won six awards at the 2023 World Luxury Awards.
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