Saturday 10 December 2016

Reynolds' Market Bar serves up profits

Gordon Deegan

Published 06/06/2016 | 02:30

John Reynolds
John Reynolds

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

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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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