Profits more than double at direct provision firm to €1.98m

One of the largest providers in the direct provision sector has more than doubled its profits to €1.98 million.

Roscommon-based Bridgestock Care Ltd has capacity to accommodate more than 1,000 asylum seekers. And accounts show that pretax profits increased by 162 per cent last year.

This followed revenues rising by 50 per cent from €7.4 million to €11.2 million.

Last year Bridgestock Care Ltd received €11.09m (including VAT) in State fees accommodating asylum seekers in five properties with a combined capacity for 1,023.

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The company operates five properties countrywide. In Donegal it runs the Port Road apartments with a capacity of 306. In Sligo it has the globe House with a capacity of 218. In Mayo it has the Old Convent with a capacity of 266. Its Marian Hostel operation in Offaly can accommodate 168, while the Clare Lodge in Clare can fit 65.

In his report, Bridgestock director Michael Gillen said "the company continues to perform well". It recorded operating profits of €2.39 million before interest charges.

The pretax profit takes account of combined non-cash depreciation and amortisation charges of €899,434.

Numbers employed increased from 83 to 93 as staff costs rose from €2.85 million to €3.22 million.

Separate accounts for another operator, Next Week & Co Ltd, show it more than doubled its post-tax profits to €1.08 million last year.

Next Week 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 Centres for refugees.

Other firms

Next Week & Co received State payments of €6.39 million last year. At the end of last December it had accumulated profits of €2.5 million.

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

It received direct provision State payments of €7.3 million last year.

The most recent accounts for Fazyard show that it recorded pretax profits of €1.87 million for 2020.

Accumulated profits at the end of last year were €8.22 million. The company’s cash funds totalled €4.1 million.

The increase in profits at firms in the sector follows spending on direct provision soaring by 41 per cent from €129.4 million in 2019 to €183 million last year.

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.