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Direct Provision firm records profits of €4.52m as revenues climb to €14.9m

The company operates five different properties in Co Donegal, Co Sligo, Co Mayo, Co Offaly and Co Clare

PRE-TAX PROFITS AT one of the country’s largest accommodation providers to asylum seekers more than doubled last year to €4.52 million.

New accounts filed by Michael Gillen’s Bridgestock Care Ltd show that the company recorded the 128% increase in pre-tax profits as revenues surged by 33% from €11.2 million to €14.9 million.

The Roscommon based Bridgestock has capacity for more than 1,000 asylum seekers for locations in Sligo, Mayo, Donegal and Clare and last year numbers employed by the firm increased to 109.

According to the director’s report “the company continues to perform well” in 2021.

The report states that Gillen “is happy with the company’s performance and expects the company to continue to be profitable”.

The company operates five different properties in Co Donegal, Co Sligo, Co Mayo, Co Offaly and Co Clare – Port Road apartments (306); Globe House (218); Old Convent (266); Marian Hostel (168) and Clare Lodge Hostel (65).

The company recorded operating profits of €5.34 million last year and enjoyed the pre-tax profits of €4.52 million after paying €816,552 in interest charges.

The profit takes account of combined non-cash depreciation and amortisation charges of €988,208.

The company recorded post tax profits of €3.86 million after paying corporation tax of €665,734.

Numbers employed increased from 93 to 109 as staff costs rose from €3.22 million to €3.45 million. Director’s pay last year increased marginally from €201,130 to €207,947.

At the end of last December, the firm had accumulated profits of €6.4 million. The firm’s cash funds almost doubled from €834,393 to €1.57 milion.

Separate accounts for another operator in the ‘international protection’ accommodation sector, Next Week & Co Ltd show that it recorded post tax profits of €1.72 million for 2021 – a 58% increase on the post tax profits of €1.08 million for 2020.

Next Week and Co Ltd operates the 108 bedroom Riverside Park hotel in Macroom and also the 230 bed Abbeyfield Hotel in Ballaghaderreen, Co Roscommon which is an Emergency Reception and Orientation Centre (EROC) for refugees.

At the end of last December, Next Week and Co Ltd’s accumulated profits totalled €4.2 million. The firm employed 43 last year.

Fazyard Ltd is the operator of the 250 bed The Towers at Clondalkin in Dublin and the 202 bed Montague hotel in Co Laois.

Last year, Fazyard Ltd recorded pre-tax profit of €1.7 million. The company employs 45 and at the end of last year, the firm had accumulated profits of €9.7 million.

A number of the major operators in the sector have unlimited status and they are not required to file annual accounts at the Companies Office.

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    Mute Tony Hartigan
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    Aug 28th 2015, 9:45 AM

    I’ve been made a very cynical person with this government but would this have anything to do with water protest in Dublin tomorrow !!!!

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    Mute Rod_TenⒸ
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    Aug 28th 2015, 9:56 AM

    More likely the Parnell Sq brigade trying a bit of “look over there”, they have experience with train lines especially sending them 20 feet in the air.

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    Mute Brendan McGill
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    Aug 28th 2015, 1:13 PM

    I was thinking the same thing Tony. There were big delays last time too.

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    Mute Peadar Ó Gréacháin
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    Aug 28th 2015, 2:32 PM

    Tony you are been red thumbed, from the FG/LAB TROLLS but I agree with you, there is also an national slow down day, and just to put the cherry on the cake, a mysterious package arrives at Alan Kelly’s office.

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    Mute Gaz
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    Aug 28th 2015, 9:43 AM

    I don’t care I drive and I’m in Australia…next story

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    Mute fiachra29
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    Aug 28th 2015, 10:03 AM

    If you’re in Australia and you drive then why read the article and comment when you clearly knew the story was about trains in Ireland from the headline, do you just like broadcasting how much of a tool you are?

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    Mute Debbie Van Tonder
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    Aug 28th 2015, 10:32 AM

    Well, I do care and was delayed for more than an hour coming to work.
    Worse than that – the train was filled over capacity and it felt quite unsafe.

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    Mute Bah Humbug Soon
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    Aug 28th 2015, 11:30 AM

    Have you been watching the BBC series about Mumbai station? Should see the trains, now that is mad Ted!

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    Mute Rod_TenⒸ
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    Aug 28th 2015, 9:44 AM

    Peasants

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    Mute Darren Hilley
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    Aug 28th 2015, 6:21 PM

    heuston we have a problem

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    Mute fitzer
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    Aug 28th 2015, 8:37 PM

    17 million people in Mumbai, THAT BBC program was unreal, I was glued to it.

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