Thursday 29 September 2016

Lillie's club 'to return to profit' after €516,000 hangover

Gordon Deegan

Published 15/01/2016 | 02:30

Porterhouse group’s Oliver Hughes. Photo: Mark Condren
Porterhouse group’s Oliver Hughes. Photo: Mark Condren

The owners of one of the country's best known celebrity hangouts, Lillie's Bordello, are nursing losses of over €500,000 from last year.

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According to new accounts filed by Porterhouse firm Noyfield Ltd, which operates Lillie's Bordello and the adjoining Porterhouse Central Bar, the firm recorded a loss of €516,339 in the 12 months to the end of February 28 last.

However, in a note attached to the Noyfield accounts, the directors say that they are confident that the company will return to profitability in the next year due to a number of cost-cutting measures in wages and salaries and a dedication to increasing the company's turnover.

The note states that Noyfield has net assets of €1.79m and is part of a strong group of companies where the directors have expressed their willingness to provide assistance if required.

The Porterhouse pub business group - led by cousins Oliver Hughes and Liam LaHart - employs 550 people across its pub network in Dublin, London and New York.

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

Numbers employed by Noyfield totalled 48 with staff costs amounting to €1.7m while directors' remuneration totalled €270,613.

The cash pile at Noyfield rose from €115,916 to €521,615. The value of the company's tangible assets totalled €4.3m.

A Pint of Plain Ltd is the main holding firm for the group and new accounts show that accumulated profits at the company last year jumped from €1.269m to €2m.

Staff costs at A Pint of Plain Ltd totalled €347,318.

Separate accounts for the group's Parliament Street Porterhouse pub, via its company Iskasinc Ltd, show it also recorded a profit last year.

The accounts show that the firm's accumulated profits rose from €2.29m to €2.47m.

Irish Independent

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