Saturday 24 March 2018

Chef says 'I'm a lucky dude' as revenues top €13m

Celebrity chef Richard Corrigan said he anticipated start-up losses at his Cavan operation
Celebrity chef Richard Corrigan said he anticipated start-up losses at his Cavan operation

Gordon Deegan

Chef Richard Corrigan said yesterday "I'm a lucky dude" as pre-tax profits at his UK restaurant business hit almost €750,000.

New accounts show 2014 was another bumper year for his UK business where he operates Bentley's Oyster Bar and Grill, Corrigan's Mayfair and Bentley's Sea Grill at Harrods.

Accounts just filed by Richard Corrigan Restaurants Holdings show that revenues rose by 3pc to £9.678m (€13.26m) in 2014.

In an interview yesterday, Mr Corrigan said: "I'm a lucky dude. We work hard. We have an amazing team - everyone is very well rewarded. Everyone is focused and ambitious."

Last year, he announced the creation of 70 jobs at his 17th century lodge, the Park Hotel in Virginia, Co Cavan.

The new accounts show that the set-up costs resulted in Corrigan's Virginia Park Lodge recording losses of £639,366 (€876,000). This resulted in Richard Corrigan Restaurants Holdings recording a pre-tax loss of £95,006.

Excluding the Irish losses, the UK restaurants recorded pre-tax profits of £544,360 (€745,957)in the 12 months to the end of December last.

Mr Corrigan said that excluding the purchase price of the Park Hotel at Virginia, he has invested £2m into the project. The project recorded revenues of £169,500 last year.

He said: "It is a very big project and I am very happy the way it is progressing."

Mr Corrigan said the start-up losses were "totally" anticipated. He said: "The overall investment in Ireland has been €4.5m."

On the continuing strong performance of his London restaurants, Mr Corrigan said: "There are no easy pounds to be made in the hospitality sector. I am very pleased. Last year was a particularly good year."

On the stiff competition in London against much larger restaurant groups, Mr Corrigan said: "We are minnows in a sea infested with white shark restaurant firms and we continue to out-perform them all."

Irish Independent

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