Business

Drinks chains' holding company reveals marked dip in profits

Profits at Golf Holdings were down last year
Profits at Golf Holdings were down last year

Golf Holdings Ltd, the holding company for a number of firms involved in the north's drinks and hospitality trade, revealed a marked drop in its profits in the year to December.

Profit on ordinary activities before tax came in at just £409,701, according to figures filed at Companies House.

But this is against a profit of £5.3 million in the previous 12 months.

The brands with which Golf Holdings is associated include Winemark, which runs a chain of more than 70 off-licences, and Wine Inns, which has an extensive portfolio of some of the most popular bars and clubs in Belfast including the Chelsea Wine Bar and Alibi.

It also owns James E McCabe, which is one of the longest established and best-known wine companies in Northern Ireland.

Based at Duncrue Industrial Estate, Golf Holdings' headcount was steady over the year at 49 staff, and its wages bill came in at £4.27m (slightly down on the previous year).

Salary packages for its directors - four of whom are members of the Hunt family - was £2.43m against £2.82m a year earlier, and with the highest paid director picking up £1,167,609.

In a statement accompanying the accounts, the directors say they expect a "difficult trading year ahead", but add that they will "seek every opportunity to increase profitability where possible".