Superstar Beyoncé adds to Temple Bar pub's coffers as profits soar
Published 01/10/2015 | 02:30
One of the best known pubs in the country, the Temple Bar in Dublin, continued to pour handsome profits for its owners last year.
Last year, superstar, Beyoncé contributed to the profits of the Temple Bar pub when she stopped by and new accounts show that the group that operates the pub in the Temple Bar area enjoyed a 56-fold increase in pre-tax profits to €3.9m.
New accounts just filed by Temple Inns Ltd and subsidiaries with the Companies Office show that the group made the sharp rise in profits in spite of gross profits, including other operating income, dipping from €7.98m to €7.8m.
The pub has enjoyed significant expansion in recent years and only in the last week has added a Distillery Store.
The two directors are Tom Cleary and Jackie Cleary who have their home at one of the country's most exclusive addresses at Ailesbury Road.
Their aggregate remuneration last year declined sharply from €1.15m to €326,619. The Clearys' pay was made up of €300,000 in salaries and €26,819 in pension contributions. The profit last year takes account of a profit of €2m from the sale of a fixed asset while the lower pre-tax profit in 2013 of €69,647 was a result of a property write-down and a €1.3m loss on the disposal of a property asset.
The principal activity of the group is operating the Temple Bar pub, retail clothing shops and income from commercial and investment property.
At the end of October last, the group had shareholder funds of €7.4m that included accumulated profits of €5.6m. The firm's cash pile last year reduced from €3.12m to €2.79m.
Staff costs, including directors' salaries, last year reduced from €2.97m to €2.12m.
The group's operating profits last year totalled €4.87m and interest payments of €951,736 reduced the group's profits to €3.9m.
The interest payments were almost double the €481,921 paid out in 2013.
The group enjoyed a post-tax profit of €3.63m after paying tax of €284,398.
The book value of the group's fixed assets last year stood at €19.44m and the profit last year takes account of non-cash depreciation costs of €215,535.