Three Dublin pubs part-owned by former Ireland rugby stars Jamie Heaslip, Sean O’Brien, Dave Kearney and Rob Kearney this year enjoyed combined post tax profits of €592,369 despite the Dublin riots “wiping off two weeks of trade”.
The four have minority shareholdings in three Dublin pubs, Lemon & Duke, Bridge 1859 and The Blackrock in a venture with publican Noel Anderson who has a controlling interest in the pub group.
Mr Anderson and his ex-rugby player colleagues have expanded their Grand Slam Bars group this year with the reported €5.5 million purchase of McSorley’s in Ranelagh.
Consolidated accounts for the pub group, Pinewood Bars and subsidiaries show revenues increased by 23pc from €7.64 million to €9.39 million in the 12 months to the end of February this year.
The new accounts show the Bridge 1859 pub located in Ballsbridge, Dublin 4 recorded post tax profits of €178,208 while the Lemon & Duke pub recorded post tax profits of €213,348.
The company that operates The Blackrock, Carysfort Inns Ltd enjoyed recorded profits of €200,813.
In an interview on Friday, Mr Anderson said: “Honestly we’ve never had to work as hard to make money in our entire lives.”
Mr Anderson said “all in all, not too bad” when asked to comment on the pubs’ financial performance in the 12 months to the end of February this year.
He said: “Obviously, the Dublin riots didn’t help. The riots wiped off two weeks of trade at a very busy time of the year.”
Mr Anderson said: “We would be still be very much encouraging the Government to keep the streets clean and get more gardaí on the streets – it is not rocket science.”
He said transport at night “is a major issue for the city and that needs to be fixed. We need more taxis in and out of the city”.
The former Irish international rugby players serve as directors on the subsidiary firms and directors this year shared ‘ambassador fees’ of €40,000.
A breakdown in the Pinewood Bar revenues show that the group recorded drink sales of €5.74m, food sales of €3.59m and tea and coffee sales of €44,031.
On last year’s financial performance, Mr Anderson said “Bridge – solid. Blackrock – getting to where it needs to be”.
Mr Anderson “it is challenging with wage demands and price increases”.
Numbers employed at the group are now “just shy of 200″ according to Mr Anderson.
Staff costs last year increased from €3.04 million to €3.77 million.
He said the numbers employed “is a huge commitment and something we are very proud of and something that we are very conscious about as well”.
Mr Anderson said that his ex-rugby international colleagues take “an active interest” in the business.
He said: “I am not long off the phone with Rob [Kearney] and we are very excited by McSorley’s in Ranelagh. We have ambitious plans for it next year – watch this space. Food will be a big part of what we do there.”
The combined profits of €592,369 for the three pubs this year followed aggregate profits of €625,879 for the prior year where a portion of the Lemon and Duke profits were the proceeds of the business interruption insurance payout by FBD that arose from the firm’s successful High Court challenge over Covid-19 insurance payouts.
A note attached to the Pinewood Bars accounts states that the group has entered “into a loan arrangement to assist with the purchase of another licensed premises to the value of €1.3 million”.
Shareholder funds at Pinewood Bars and subsidiaries at the end of February last totalled €4.75 million. Cash funds reduced from €1.4 million to €952,221.
Sourse: breakingnews.ie
