JP McManus's Adare Manor Hotel has operated at a loss for the last three years
Gordon Deegan
The firm that operates JP McManus’s five-star Adare Manor Hotel resort in Co Limerick has been loss-making for the past three years.
The resort is hosting the 2027 Ryder Cup in September of next year and is expected to provide a major dividend for the Irish economy - the Ryder Cup held in Rome in 2023 resulted in an estimated economic impact of €262 million for Italy.
Now, a new auditor’s report lodged on behalf of the operator of the luxury Co Limerick resort, Tizzard Holdings Unlimited Company, with the Companies Office shows that it was loss-making in 2025.
The new report follows auditor reports for 2024 and 2023 confirming that the resort was also loss-making in those years.
The detailed financial performance of the Adare Manor hotel firm is put beyond public scrutiny as Tizzard Holdings UC has unlimited status and is not required to file annual accounts detailing profits/losses and revenues with the Companies Office.
However, in the three-page auditor’s report lodged at the Companies Office, auditors BDO state that they have audited the financial statements of Tizzard Holdings UC, concluding that the statements “give a true and fair view of the assets, liabilities and financial position of the company as at 30 December 2025 and of its loss for the year”.
In relation to Tizzard Holdings UC’s ‘going concern’ status, Chris Fogarty of chartered accountants and statutory auditors, BDO, states that the Tizzard Holdings UC directors'
Report "states that in auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate".
In the report signed off on Wednesday, July 29th, Mr Fogarty states that “based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue”.
The reservations section on the hotel’s website is an indicator of a buoyant business at the Adare resort, with the cheapest room on Tuesday, August 25th at €1,665 for a Deluxe King Room, and guests can pay €7,950 to stay at the resort’s Signature Suite the same night.
JP McManus purchased Adare Manor for a reported €30 million in 2014 and has spent an estimated €50 million in restoring, renovating, and modernizing the property; the resort has provided a boost to the Midwest economy with the hundreds of people employed at the resort.
The ‘no expense spared’ approach by Mr McManus has resulted in Adare housing a Michelin-starred restaurant and receiving multiple awards, and this year received the Condé Nast Traveler Triple Crown Award and Forbes Travel Guide: Five-Star rating.
