Family dispute had been resolved in Commercial Court
The Flannery owned hotel group has provided for a €42.49 million cost in purchasing shares from former shareholders in a deal to resolve a family dispute over how the family’s hotels were run, its latest account show.The Galway-based Flannery owned hotel group provided for a €42.49 million cost in purchasing shares from former shareholders in a deal to resolve a family dispute over how the family’s hotels were run, its latest account show.
The note that the borrowing commitment was “well within the group’s repayment ability and the finance was based on an up to date valuation of the group’s real estate assets”. The group also incurred a €3 million exceptional cost arising from the deal when the group “entered into an agreement with certain minority shareholders to settle their legal challenges and dispute, which had been ongoing for some time, in order to protect the group’s assets and its underlying businesses”.
A note states that “there are excellent occupancy levels in the group’s hotels and hostel, and there is a strong performance in food and beverage activities”.
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