herald

Friday 18 August 2017

Bono and Edge check out of landmark Clarence Hotel

ALL THAT YOU CAN LEAVE BEHIND: Stars step down as directors

ROCKERS Bono and The Edge have stepped down as directors of the company that runs the famous Clarence Hotel in Dublin.

The U2 stars have served as the only members of the board of Brushfield Ltd, the company that trades as the Clarence, since it opened in 1992.

But documents recently filed with the Companies Registration Office (CRO) have revealed that the pair stepped down on February 25 this year.

It is unclear why the musicians, who are listed by their real names of Paul Hewson and David Evans, have decided to resign from the company.

Calls and emails from The Herald to their PR representative, RMP in London, have gone unanswered over the past week.

The hotel in Temple Bar, which employs 70 people, is owned by Bono, his wife Ali Hewson and The Edge through Lorijudd Investments, along with financier Derek Quinlan and developer Paddy McKillen.

It is understood that there has been no change to the ownership of the hotel.

Both Liam Cunningham, a heavy-hitter in the hotel industry, and businessman Ronnie Delaney have been appointed to replace Bono and The Edge on the Brushfield board.

In November last year, results filed for the four-star hotel showed profits increased almost 10-fold in 2011 but the hotel was still nursing losses. The Clarence reduced accumulated losses to €2.45m in 2011.

The accounts also stated that Bono and The Edge had "confirmed their intention to provide the financial support necessary to enable the company to discharge its liabilities as they fall due and continue its operations".

The two have already invested millions in the hotel.

In 2006, a loan of €8.5m from Lorijudd Investments to the Clarence was written off.

And plans for a €150m overhaul of the hotel were refused by Dublin City Council in June.

hnews@herald.ie

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