Bourke 'delighted' with Market Bar's €407,000 pre-tax profit
Entrepreneur Jay Bourke said that he is "delighted" with the performance of his Market Bar restaurant and bar with figures showing that the business recorded pre-tax profits of €407,372 in 2012.
Mr Bourke co-owns the well-known Dublin restaurant and pub with John Reynolds and Eoin Foyle and the profits in 2012 follows profits of €401,018 in 2011, representing a marginal 1.5pc increase.
The eatery and bar -- with seating capacity for 300 -- has featured on RTE's 'Fade Street' series and the two years of successive profits follows profits recorded of €295,087 in 2010.
This followed a pre-tax loss of €409,002 in 2009.
In an interview yesterday, Mr Bourke confirmed that the business continued to perform well in 2013. He said that profits for 2013 "will be more or less the same as 2012. It is steady as she goes. It is a steady business. I am very happy with it."
Asked if he had any plans to start new businesses, Mr Bourke replied: "No."
A note attached to the accounts states that "turnover has increased during the year mainly by the provision of an off-site bar at music festivals such as Electric Picnic. The new income stream has contributed to the profits for the year". It adds that the company has a deficit of shareholder funds at year end of €644,790 -- down from €989,161 in 2011. "The company continues to depend on the support of its bankers, trade creditors and directors," it says.
"The above circumstances indicate the existence of a material uncertainty which casts doubt about the company's ability to continue as a going concern. However, the directors believe that the going concern basis is still appropriate as they have increased turnover and have a reasonable expectation that the company's bank will continue to provide facilities."
The abridged accounts lodged by Mercroft Taverns Ltd to the Companies Office do not provide a turnover figure and show that the firm reduced its bank debt during the year from €1.39m to €1.31m. The firm's cash decreased from €225,873 to €190,424.
Mr Reynolds, a nephew of former Taoiseach Albert Reynolds, has promoted music festivals and events for a number of years, while Mr Bourke has a number of other interests in the hospitality sector. Mr Bourke said that his restaurant business in Cork city "is doing okay".
Mercroft Taverns currently has a planning application being considered to extend the premises by converting 25 South Great George's Street for use as a licensed premises.
It is intended the building would act as an extension to the Market Bar at 14A Fade Street.
Both properties are part of the old south city markets building and are on Dublin City Council's list of protected structures. The company is seeking to convert the basement and ground floor of No 25 into lounge bars and change the first and second floors to a private members' club. A meeting room is to be located on the third floor of the property.
Mr Bourke said the application was about giving access to the Market Bar from South Great George's Street. The application is due to be decided by An Bord Pleanala in the coming days.
In December 2012, Mr Bourke and Mr Reynolds -- along with two other publicans -- were unsuccessful in opposing €1.4m plans by celebrity chef Dylan McGrath in securing a full public house licence for his 8,000 sq ft new restaurant close to the Market Bar.