Business Irish

Saturday 24 June 2017

Chawke 'looking for new ventures' as combined pub profits rise to €780,000

Charlie Chawke pictured with daughters Ali and Jenny in Searsons pub on Dublin’s Baggot St
Charlie Chawke pictured with daughters Ali and Jenny in Searsons pub on Dublin’s Baggot St

Gordon Deegan

Three of the pubs in the Charlie Chawke pub empire enjoyed a bumper year last year posting combining profits of almost €800,000.

New accounts filed for the companies that operate the Bank pub, the Dropping Well and the Goat Grill in the family-owned business recorded combined profits of €780,884 last year.

In an interview yesterday, Mr Chawke said: "Things are going well. Business is improving, we have had a good year and we are happy and looking forward to a better year this year."

Mr Chawke, in the pub business for over 50 years, said: "We are trading profitably and we are keeping our banks happy."

Accounts for the firm that operates the Goat Grill, Charjon Investments Ltd, show that its accumulated profits rose from €1.747m to €1.8m in the 12 months to the end of March last year.

It was outside the Goat Grill bar in 2003 where Mr Chawke lost a leg during an armed robbery.

Figures for the firm show that the numbers employed rose from 63 to 69 last year with staff costs at €1.465m.

The cash pile increased from €333,081 to €368,949.

Separate accounts for the Milltown Inns Ltd that operates the Chawke-owned Dropping Well pub show that accumulated profits rose from €3.111m to €3.381m in the 12 months to the end of May 31 last. The firm's cash pile rose from €488,755 to €634,715. Numbers employed remained static at 66 with staff costs declining from €1.59m to €1.57m.

One of the group's best known pubs is the Bank pub on Dublin's College Green. Accounts for the company that operates the pub, College Inns Ltd show that it was the best performing of the three pubs last year with its accumulated profits increasing from €909,486 to €1.364m.

The cash pile dived from €246,090 to €38,120 in the 12 months to the end of April 30 last. The value of the company's tangible assets increased from €3.54m to €4m last year.

Numbers employed rose from 35 to 38 during the year with staff costs going up from €999,056 to €1.12m.

Asked had the group any plans to expand further, Mr Chawke said: "We have nothing on stream at the moment, but are always looking for new ventures."

Mr Chawke's group of pubs employs around 400 people. In 2005, Mr Chawke was involved in the most expensive pub sale in Irish history when he paid €22m for the Old Orchard Inn and site at Rathfarnham, Dublin.

According to its latest accounts, the Orchard Inn property had a net book value of €20.5m at the end of October last year after non-cash depreciation costs over a number of years after factored in.

Mr Chawke's other pubs include the Lord Lucan, the Oval bar and renovated Searsons on Baggot Street.

Irish Independent

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