Cork group linked to emergency accommodation centres doubles profit to €15m

John Crean and Tony O’Neill’s Peppard Investments, which is involved in the provision of emergency accommodation, more than doubled its profit to €15 million last year.

The Cork-based group led by Crean and O’Neill has interests spanning property development, nursing homes and emergency accommodation centres.

Newly filed consolidated accounts for their group by Peppard Investment Holdings Limited showed their network of 23 Irish companies reported combined turnover of €29.2 million last year, an increase of 17 per cent compared with 2024.

The group’s pretax profits more than doubled to €16.5 million in the year after it received an additional €9 million of income from a joint venture involved in emergency accommodation in 2025 called Kintrona Limited.

Following a tax expense of almost €1.2 million, Crean and O’Neill’s group booked a final after-tax profit of €15.2 million, up from €6.1 million the year previous.

The pair behind the property development company elected not to pay a dividend during the year, but shared a remuneration package of €500,000.

The accounts showed that Peppard Investments expanded its Irish operation last year through the acquisition of controlling stakes in some companies involved in the nursing home sector, including BMC (Nursing Home) Limited, a firm linked to the Padre Pio Nursing Home in Holycross, Co Tipperary.

Peppard Investments also ramped up its construction project activity in the year, with work in progress by the firm rising from €11.6 million at the end of 2024 to €45.2 million by the end of last year. The firm’s net assets also rose to €37.1 million from €21.8 million.

The financial accounts did not provide details on what construction projects led to the firm’s work in progress rising to more than €45 million. Based on planning records, the company has permission to develop a number of residential projects in Macroom and Kilbrittain in Co Cork.

In recent years, several of the company’s subsidiaries have earned large sums from the provision of accommodation and services to the State’s International Protection Accommodation Services and housing for those who left Ukraine following Russia’s invasion.

Crean and O’Neill’s firm Next Week and Co Limited has operated the 108-bedroom Riverside Park hotel in Macroom and also ran the 230-bed property called Abbeyfield Hotel in Ballaghaderreen, Co Roscommon.

The latest accounts for the firm said it faces a risk that contracts it has signed to provide emergency reception, orientation and accommodation centres may not be renewed, which would lead to “a reduction in sales, margin and profitability”.

Minister for Justice Jim O’Callaghan, who now oversees the State’s efforts to provide emergency accommodation through IPAS, has previously said he would probe the value for money the State has received from private firms providing emergency services.

He said the Government’s approach would pivot towards State-run solutions in a bid to reduce the country’s reliance on private providers.