Tuesday 26 September 2017

One Direction help lift nightclub profits

One Direction's Irish star Niall Horan
One Direction's Irish star Niall Horan

Gordon Deegan

An exclusive party hosted by One Direction's Niall Horan and Louis Tomlinson helped the owners of celebrity Dublin hangout, Krystal nightclub to more than double pre-tax profits to €937,281 in 2015.

New accounts filed by Triglen Holdings for the Russell Court Hotel - which houses Krystal and Dicey's pub - showed that revenues at the business in 2015 increased by 8pc to €14.67m.

Conor McGregor was the latest celeb to enjoy the surroundings at Diceys when he partied there on Monday.

Last year, the owners spent around €1.1m on a refurbishment of Kyrstal with owner Ramanathan Arulchelvan declaring on the re-opening in late November that the investment in the premises and its staff will help the venue set the standard for premier night-clubs in the capital for the next 10 years.

The venue celebrated 10 years in operation last year and the figures show that directors, Mr Arulchelvan and Eileen Wright in 2015 paid themselves €760,348 and this followed directors' pay totalling €769,002 in 2014.

According to the directors' report "the results were positive with an increase in turnover of 8pc and maintaining its gross margin of 67pc achieving a net profit of €937,281 before taxation.

The directors state that their current operating model will produce sufficient positive cashflows to endure that the company remains profitable and stable in the foreseeable future.

The report shows that the numbers employed by the business last year increased from 146 to 154 with staff costs increasing from €4.35m to €4.4m.

Irish Independent

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