Business Irish

Thursday 2 October 2014

Krystle glasses clinking as operators see pre-tax profits increase 11-fold

Gordon Deegan

Published 03/01/2013 | 05:00

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Champagne is flowing for the operators of Krystle nightclub after the firm operating the venue increased pre-tax profits 11-fold.

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Accounts lodged by Triglen Holdings to the Companies Office show the firm that operates the Russell Court Hotel, which houses Krystle in Dublin, increased pre-tax profits from €59,386 to €707,858 in 2011.

The firm made the profit after taking into account €1.1m paid in emoluments to its two directors, Ramanathan Arulchelvan and Eileen Wright. Directors' pay in 2010 stood at €1.09m.

Last year, the upmarket Krystle venue made headlines after Leonard Watters from Navan was jailed for six months after making two false reports to gardai that 'X-Factor' judge Louis Walsh sexually assaulted him at the nightclub.

In the High Court in November, Mr Walsh received an apology and payment from 'The Sun' newspaper over an article concerning the false claims.

The abridged accounts for Triglen Holdings do not provide a revenue figure. However, the filings show that the firm increased its gross profit in 2011 by 11pc from €7.7m to €8.5m.

The figures show that the company's operating profits more than trebled from €327,677 to €1m. Interest payments totalling €303,374 reduced the company's profits to €707,858.

The profit in 2011 resulted in accumulated profits totalling €7.2m at year end. The firm's shareholder funds stood at €12.2m. The figures show that the firm wrote down its property by €4.7m in 2010 and no further writedown was recor- ded in 2011.

The profit takes account of non-cash depreciation costs of €256,706. The firm has bank loans totalling €7.82m.

The firm's cash last year increased from €299,385 to €342,680. The hotel also houses Dicey's Garden Bar and Bojos35.

Last year, there was increased competition in the lucrative nightclub sector on Dublin's Harcourt Street.

Developer Paddy McKillen's son Paddy Jnr opened a night-club on the street, while the firm that operates Copper Face Jacks is to plough some of its €38m cash pile into a revamp for the nightclub and Jackson Court Hotel.

Breanagh Catering – which operates Copper Face Jacks – recorded a 5pc increase in pre-tax profits to €6.8m in the 12 months to the end of January last.

No one was available at the Russell Court Hotel yesterday to comment on Triglen Holdings accounts.

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