Sunday 22 October 2017

Gogarty's success is no small beer as owners make €3.8m in profits

The Oliver St John Gogarty pub in Dublin's Temple Bar
The Oliver St John Gogarty pub in Dublin's Temple Bar

Gordon Deegan

THE owners of the Oliver St John Gogarty pub in Dublin's Temple Bar wrote up impressive pre-tax profits totalling €3.8m last year.

Martin Keane-controlled Drayton House Holdings operates the well-known Dublin pub named after the Dublin literary figure immortalised in James Joyce's 'Ulysses', where he inspired the character Buck Mulligan.

Every year, tens of thousands of tourists descend on the Oliver St John Gogarty pub and new figures for Drayton show that the pub contributed to revenues increasing by 6pc from €10.79m to €11.45m at the group in the 12 months to the end of last February.

The group also operates Blooms hotel, which contains M nightclub in the Temple Bar area, and the accounts show that the group's pre-tax profits increased 48pc to €3.8m.

GAIN

The figures show that the group's profits were boosted by an exceptional gain of €1.45m arising from a revaluation of the 100-bedroom Blooms hotel increasing from €8.5m to €10m.

The independent valuers also increased the value of Gogarty's hostel, going up by €631,600 to €2.39m.

The overall increase in the value of the firm's property portfolio totalled €3.2m.

This resulted in the group's total profits for the year amounting to €5.25m.

The accounts show that the firm's operating profits last year increased 26pc to €2.37m. The profit last year takes account of non-cash deprecation costs of €229,946.

The numbers employed by the group last year decreased from 113 to 105 with staff costs last year reducing from €2.77m to €2.54m.

Irish Independent

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