Profits fall 17pc at Dr Quirkey's firm
Published 14/06/2016 | 02:30
Pre-tax profits at the amusement arcade and casino business owned by Dublin businessman Richard Quirke fell by 17pc to €1.54m last year.
New accounts filed by Dublin Pool and Juke Box Ltd show that the gross profit reduced from €5.74m to €5m in the 12 months to the end of June last.
The father-in-law of model and nutritionist Rosanna Davison, Mr Quirke is also the businessman behind €480m plans for a major development, including a casino, at Two Mile Borris in Co Tipperary. Planning was granted for a modified plan in February 2013.
Mr Quirke's arcade firm operates Dr Quirkey's Good Time Emporium on Dublin's O'Connell St.
Opened in 1992, Dr Quirkey's also boasts being one of the leading gaming arcades in Europe with 20,000 sq ft in its entertainment area with game manufacturers using Dr Quirkey's to trial new games.
The accounts show a strong balance sheet with accumulated profits of €22m with total shareholder funds at €31.1m.
The cash pile rose from €1m to €1.84m during 2015. Assets include financial assets of €6.3m and tangible assets of €25m.
The amount spent under the heading of capital expenditure last year totalled €665,256 compared to a spend of €659,532 in 2014. Last year's profit takes account of non-cash depreciation costs of €507,116. Remuneration for Richard Quirke and Anne Quirke remained at €213,000.
The firm owed Mr Quirke €2.14m at the end of last June. The firm recorded a post-tax profits of €1.27m after paying corporation tax of €268,284.
In relation to Two Mile Borris, the accounts said that since year end, "the company is continuing to purchase land and properties in order to develop a casino and leisure complex in Co Tipperary. There is no concern regarding the company's ability to continue as a going concern - the company has adequate funds available through directors' loans."