The north’s largest hospitality group Beannchor has reported another year of soaring sales.
But increasing costs impacted on its bottom line as its retained profits fell back.
Beannchor’s diverse portfolio includes The Merchant Hotel and Bullitt, Belfast venues the National, Dirty Onion, Second Fiddle and Ulster Sports Club, 10 Little Wing Pizzerias, as well as Jennie Watts in Bangor and The Hillside in Hillsborough.
According to accounts filed at Companies House, in the year to June 30 last the group - which was founded by award-winning entrepreneur Bill Wolsey more than 45 years ago - posted revenues of £32.7 million against £28 million in the previous 12 months.
However, in common with the hospitality sector in general across the north, Beannchor revealed a significant uplift in various running costs and taxes.
It meant that on a bottom line basis, its profit reduced £4.7 million against £5 million a year earlier.
“Competition in the marketplace remained strong, with a number of new hotel openings and an increase in bedrooms in the city, but we’re satisfied with these results,” according to the directors, who as well as Bill Wolsey include Luke Wolsey, Conall Wolsey and James Sinton.
The accounts show that in 2023 Beannchor recruited heavily, with its staffs numbers rising from 458 to 635.
In turn its wages bill jumped from £8.9m to £11.8m (within this, contributions to workers’ pensions increased from £88,000 to £208,000).
The Beannchor group is currently building a new 100-bed Bullitt hotel and a range of new hospitality venues in Dublin, on the city’s vibrant Capel Street.
Work only got under way in April last year after a six-year planning process, prompted by the discovery that the location turned out to be the oldest site in the city (part of it dating back to the 12th century)
Bill Wolsey has said that, when complete, the new Dublin hotel “will be something really special”.
Last year Beannchor honoured 60 long-serving staff that have been with the business for up to 20 years.
Mr Wolsey said: “This business is nothing without its people. The passion, enthusiasm and commitment of our people is responsible for creating places and memories that matter to the people of Northern Ireland, and that is something of which we should all be exceptionally proud.
“There is no barrier to entry in this industry; I am an example of that in practice, but there are so many more people in our business that can tell a similar story. That we have retained the exceptional talent that we are celebrating 10, 15, even 25 years on, is testament to the lifelong careers that hospitality offers today.
“We’re proud to say that people who started here are now at the helm of top venues in New York, London and all around the world, and we helped them on their way.”
As a group, Beannchor is renowned for its continuous investment in the business, and earlier this year spent £400,000 revamping the Sixty6 nightclub complex above The National.
