Operating profits at McKillen entertainment group up 44pc
Published 02/12/2015 | 02:30
Operating profits at Paddy McKillen's Irish restaurant, pub and nightclub entertainment group increased by 44pc to €2.8m last year.
New figures lodged by McKillen's Orsen Ltd with the Companies Office show that revenues rose 5pc, from €29.88m to €31.52m.
McKillen's Irish entertainment business has expanded rapidly in recent years and the accounts include the revenues of McKillen's Wagamama restaurants here along with the revenues at the Everleigh Garden nightclub on Dublin's Harcourt St and the Workman's Club in Temple Bar, adjacent to the Clarence Hotel he co-owns with U2.
The best-performing business in McKillen's Press Up Entertainment group was Holtend Ltd, the firm behind the Everleigh Garden nightclub that recorded post-tax profits of €498,710 with the Workman's Club and Restaurant Ltd recording post tax profits of €439,365.
Another strong performer was Rabac Ltd that operates Captain America's Cookhouse at the Blanchardstown Retail Park which recorded post-tax profits of €255,852.
Restaurant businesses in the group enjoyed contrasting fortunes - Crawley Ltd enjoyed profits of €313,578 while Wagamama firm Portalon Ltd recorded losses of €233,129.
A retail home furnishing firm owned by the group, Pacific East Ltd, last year recorded a loss of €50,280 while property rental firm Skooters Limited recorded profits of €96,074.
The Press Up Entertainment Group operates 17 businesses and provides employment for over 1,000 people. It recently secured planning permission for a 41-room boutique hotel in Ranelagh in Dublin while it is proceeding with separate plans for a bar and deli, Union Cafe in Mount Merrion in south Dublin.
The group's businesses also include the Bison Bar, the Dean Hotel, the Peruke and Perwig cocktail bar and restaurant while Cleaver East by Michelin star chef, Oliver Dunne is a recent addition to the Press Up Entertainment stable.
Expansion of the group has been driven by McKillen's son, Patrick McKillen Jnr with Orsen Ltd incurring capital expenditure of €6.95m in 2014 and €2.82m in 2013. Patrick McKillen Snr is listed as the ultimate controlling party of the business.
Directors Liam Cunningham and Ronnie Delaney sit on the board of Orsen Ltd and they were drafted in in 2013 to replace Bono and The Edge as Clarence hotel board members.
Numbers employed by the group fell from 541 to 495.
The figures show that after taking into account interest payments of €301,294 and non cash depreciation costs of €1.59m, the firm recorded pre-tax profits of €986,901. The group's pre-tax profits increased more than three-fold to €986,901. Shareholder funds topped €1.6m while the firm's cash last year increased from €616,461 to €895,861.
Staff costs at the group increased from 3pc going from €10.48m to €10.83m with directors' remuneration reducing from €187,661 to €183,497.
The figures show that shareholders in the business lent an additional €1.3m to the group to help fund the expansion last year, bringing to €2m in loans provided by the shareholders.
The total amount owed by the group in loans last year increased from €2.29m to €4.42m.
The expansion by the group is shown in fixed asset additions totalling €7.754m for the year. The value of the group's tangible assets last year jumped from €7.52m to €13.4m.
The figures show that the group recorded a post tax profit of €976,310 last year following a corporate tax bill of €10,591.
The group incurred losses of €806,139 in relation to minority interests resulting in a €170,171 profit for the year. Orsen's cost of sales increased to €9.27m while its administrative expenses decreased to €19.36m.