Leisureland racked up €1m loss last year

The operating company for the Leisureland complex in Salthill racked up a loss of more than €1 million last year, according to newly-filed accounts.

The Companies Registration Office filings for Galway Salthill Fáilte Ltd add that the loss of €1,053,000 for 2014 had been “absorbed” by the City Council.

The local authority has also given a commitment to support the business for at least the next twelve months.

The facility closed for more than a year from the beginning of January 2014, due to serious damage caused by flooding in winter storms.

According to the accounts (for the year-ended December 2014), the loss compared to almost €370,000 recorded for the previous year.

The accounts show an income of €192,000 and expenditure of more than €1.2m for 2014, while creditors were owned almost €240,000 (including €208,000 to the Council and €10,000 to trade creditors).

The directors pointed out that Leisureland’s business model is changing in response to industry changes.

“The company’s income is exposed to fluctuations in the general economic conditions in Ireland and to the changing cost structures of the leisure and entertainment industry.

“The company has considered the risks prevalent and are in a position to change the emphasis of their entertainment and leisure offering in response to changes.

“The company operates under licence for Galway City Council. To date, the Council has absorbed all surpluses and losses accumulated and the company is dependent on that continuing support.

“The Council has undertaken to continue to support the company for a period of not less than 12 months from [September 2015],” the directors said.