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Luxury spa enters receivership

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The independently-owned Temple Spa in Moate, County Westmeath, Ireland, has gone into receivership.

Located across 90 acres of land, the luxury spa's operations have been taken over by the receiver, Simon Coyle of business advisory firm Mazars.

Speaking to Spa Opportunities, founder and director Declan Fagan blamed the weak Irish economy for the spa's financial troubles.

"We very much regret that while the spa has been trading profitably on a day to day basis, there were insufficient margins during the downturn of the past two and a half years in the Irish economy to enable repayments on capital loans.

Fagan and his wife Bernadette first opened the business in 1987 and had invested heavily in the spa element during the past three years.

He added: "We were working on a rescue package prior to the appointment of the receiver, and our aim is to be able to put arrangements in place to recover the business which we have built up over the past 20 years, and have been very much involved in the development and day to day management of."

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The independently-owned Temple Spa in Moate, County Westmeath, Ireland, has gone into receivership.
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