Friday 28 April 2017

Lillie's Bordello helps Porterhouse profits hit €120k

The late Oliver Hughes
The late Oliver Hughes

Gordon Deegan

Business at Lillie's Bordello and another flagship pub in the Porterhouse Group, the Porterhouse Pub, continued to increase last year.

New accounts for Noyfield Ltd, which is the firm behind celebrity haunt Lillie's and the adjoining Porterhouse Central bar show that it recorded operating profits of almost €120,000 in the 12 months to the end of last February.

The accounts show that the business recorded a loss of €208,281.

However, this includes a non-cash depreciation charge of €325,000, giving an operating profit of €118,719.

Separate accounts for Iskasinc Ltd, which operates the Porterhouse Pub on Dublin's Parliament Street, show that the business recorded a profit of €213,566 last year.

The profits at Iskasinc last year followed profits of €182,098 in the 12 months to the end of February 2015.

The Porterhouse Group was co-founded by the late Oliver Hughes (55), who passed away suddenly at his home from a suspected heart attack last July.

Set up more than 25 years ago, the Porterhouse Group now employs over 500 people across its pubs in Dublin, London and New York.

The group incorporates seven bars, five restaurants, Lillie's Bordello, the Dingle Distillery and its brewing operations.

Commenting on the results for Noyfield and Iskasinc last year, group business development director Elliot Hughes - Oliver's son - said that the group saw the businesses "as two of its most important flagship premises".

"The group is very encouraged that both sites are running at a profit before depreciation and amortisation and continuing to grow year on year," Mr Hughes said. "The growth of tourism and the craft beer sectors in particular in Ireland has been extremely good news for the Porterhouse Group."

He said that, overall, the Porterhouse group "performed very well last year, with our bars and restaurants growing on previous years as well as the introduction of The Whitworth to our portfolio".

"The Porterhouse Group have excellent plans for growth in 2017 with our new brewery coming on board during the year, which will allow us to grow our beer sales domestically and with export, a bar in New York as well as a couple of ventures in Ireland that we are actively looking at," Mr Hughes said.

Accumulated profits at Noyfield Ltd at the end of February last totalled €1.62m. The firm's cash pile more than doubled, going from €521,615 to €1.23m.

Numbers employed by the firm last year remained the same at 48, with staff costs totalling €1.66m.

Accumulated profits at Iskasinc last year totalled €2.66m. Numbers employed total 40, with staff costs of €1m for the 12 months to the end of February 29 last.

Irish Independent

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