IMF chief Lagarde plays part in landmark Dublin pub's success
IMF chief executive Christine Lagarde and music legend Van Morrison helped landmark pub Doheny & Nesbitts to post profits of over €279,000 last year.
The pub, on Dublin's Baggot Street, was the first in Ireland to change hands for over a £1m when in 1987 the Mangan brothers, Tom and Paul, purchased the premises.
A favourite haunt of politicians and home to the 'Doheny & Nesbitt School of Economics', the pub has more recently attracted the likes of Rihanna and Bruce Springsteen while only the intervention of the volcanic ash cloud in 2011 prevented US President Barack Obama stopping off during his Irish visit.
More recently, the Irish rugby team along with the Minister for Finance, Michael Noonan, and actors Gabriel Byrne and David Koechner visited while the pub is a favourite of Irish Hollywood actor Saoirse Ronan.
The profit of €279,000 last year is a 57pc increase on the post tax profit of €177,000 in fiscal 2013. New figures show that accumulated profits at Swigmore Inn jumped from €2.2m to €2.486m in the 12 months to the end of January 31, 2014.
Speaking yesterday on the Swigmore Inn performance that operates Doheny & Nesbitts, Mangan group director Paul Mangan Jnr said the pub "enjoyed an excellent year last year. We are very happy with how the pub is performing".
Mr Mangan said that the pub was expanded "seven or eight months ago" with the opening up a cellar bar to deal with the crowds attending the pub.
"Tourism was massive for the pub last year where the business enjoyed a huge increase in tourists and with that we now have live music on Sundays and Mondays," he said.
Mr Mangan said that the food is now a major part of the business accounting for 25pc of revenues. while adding that "drink sales are improving again". Doheny and Nesbitt's is the flagship operation of the five-strong Mangan pub group and Mr Mangan said business for the group "is very good". The other pubs in the group are The Glenside Pub at Churchtown; The Stoneboat at Kimmage along with Smyths and Birchalls at Ranelagh.
Mr Mangan said a major factor behind the success of each pub is that they are owner occupier.
He said: "We are very hands on."
On the group's prospects for 2015, Mr Mangan said: "We are always looking for new opportunities and a lot of hard work gone into making Doheny & Nesbitt's a success.
Long before the bust, Doheny & Nesbitt's gave its name to the 'Doheny & Nesbitts School of Economics' made up of the likes of economists, Colm McCarthy, Sean Barrett and Moore McDowell who discussed pathways for the country's economy in the 19th century bar.
In the year under review, the pub was the scene of austerity protesters disturbing the former Minister for Communications, Pat Rabbitte, having a pint with colleagues while senior ministers also used the pub to meet representatives of the Troika in one of its function rooms.
The pub today employs 50 people and Mr Mangan said while politicians and celebrities enjoy drinks at the pub "everyone who comes there receives the same welcome and gets treated the same".
The abridged accounts show that the firm's land and buildings had a book value of €2.64m.
The firm's cash pile last year increased from €26,796 to €28,574 while monies owed by debtors increased from €984,121 to €1.14m.
The profit last year takes account of non-cash depreciation costs of €82,965. At the end of January 2014, the firm owed €49,997 in corporation tax.
Doheny & Nesbitt's is located just across the road from another storied Irish pub, O'Donoghues that also enjoyed a stellar 2014 recording profits of €315,000.