Business Irish

Sunday 25 June 2017

Reynolds' Market Bar serves up profits

John Reynolds
John Reynolds

Gordon Deegan

The Dublin restaurant that featured in RTÉ series 'Fade Street' recorded profits of €203,447 in 2014.

New accounts filed for businessman and impresario John Reynolds' Mercroft Taverns Ltd, which operates the Market Bar off George's Street in Dublin, show pre-tax profits were down from €410,457 in 2013.

The business has made consistently strong profits in recent years, benefiting from the boom in central Dublin.

Last year's profits cut a shareholder deficit from €1.257m to €1.05m.

A note to the accounts, signed off on May 27, states: "The company has net liabilities of €1.7m at the year end and company continues to depend on the support of its bankers, trade creditors and directors."

The business employs 55 and staff costs increased to €1.16m.

Directors' remuneration increased marginally from €28,795 to €33,250.

The abridged accounts lodged to the Companies Office do not include turnover figures.

Mr Reynolds, a nephew of the late Taoiseach Albert Reynolds, has promoted music festivals and events for a number of years and was the founder of the successful Electric Picnic festival. In 2014, Mercroft Taverns secured planning permission to extend the premises including by developing a private members' club.

Irish Independent

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