Luxury spa enters receivership
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."
Wellness real estate market booming – forecast to reach $913bn by 2028, reports GWI
UAE’s first Dior Spa debuts in Dubai at Dorchester Collection’s newest hotel, The Lana
Europe's premier Evian Spa unveiled at Hôtel Royal in France
Clinique La Prairie unveils health resort in China after two-year project
GoCo Health Innovation City in Sweden plans to lead the world in delivering wellness and new science
Four Seasons announces luxury wellness resort and residences at Amaala
Aman sister brand Janu debuts in Tokyo with four-floor urban wellness retreat
€38m geothermal spa and leisure centre to revitalise Croatian city of Bjelovar
Two Santani eco-friendly wellness resorts coming to Oman, partnered with Omran Group
Kerzner shows confidence in its Siro wellness hotel concept, revealing plans to open 100
Ritz-Carlton, Portland unveils skyline spa inspired by unfolding petals of a rose
Rogers Stirk Harbour & Partners are just one of the names behind The Emory hotel London and Surrenne private members club
Peninsula Hot Springs unveils AUS$11.7m sister site in Australian outback
IWBI creates WELL for residential programme to inspire healthy living environments
Conrad Orlando unveils water-inspired spa oasis amid billion-dollar Evermore Resort complex
Studio A+ realises striking urban hot springs retreat in China's Shanxi Province
Populous reveals plans for major e-sports arena in Saudi Arabia
Wake The Tiger launches new 1,000sq m expansion
Othership CEO envisions its urban bathhouses in every city in North America
Merlin teams up with Hasbro and Lego to create Peppa Pig experiences
SHA Wellness unveils highly-anticipated Mexico outpost
One&Only One Za’abeel opens in Dubai featuring striking design by Nikken Sekkei
Luxury spa hotel, Calcot Manor, creates new Grain Store health club
'World's largest' indoor ski centre by 10 Design slated to open in 2025
Murrayshall Country Estate awarded planning permission for multi-million-pound spa and leisure centre
Aman's Janu hotel by Pelli Clarke & Partners will have 4,000sq m of wellness space
Therme Group confirms Incheon Golden Harbor location for South Korean wellbeing resort
Universal Studios eyes the UK for first European resort
King of Bhutan unveils masterplan for Mindfulness City, designed by BIG, Arup and Cistri
Rural locations are the next frontier for expansion for the health club sector
From flooding old shopping malls to revolutionising housing, MVRDV’s founders like to do things differently