Business Irish

Monday 23 September 2019

Celebrity hang-out Krystle nightclub suffers €2m fall into red

 

Plush: Inside Krystle nightclub at the Russell Court Hotel
Plush: Inside Krystle nightclub at the Russell Court Hotel

Gordon Deegan

A night out for Conor McGregor at celebrity hang-out Krystle nightclub in Dublin was not enough to prevent the company behind the business plunging into the red last year.

New accounts filed by Triglen Holdings Ltd for the Russell Court Hotel - which houses Krystle nightclub and Dicey's pub - show the business recorded a post-tax loss of €803,033 in 2017.

This followed the business recording a profit of €1.2m of 2016 - a negative swing of €2m.

The firm recorded the loss last year as a result of non-cash costs totalling €806,888. Non-cash depreciation costs total €457,576 while impairment costs of tangible assets amounted to €349,312.

MMA megastar McGregor was one of the celebrities to enjoy the venue when he partied with friends at Dicey's in January of last year.

The new accounts don't disclose the 2017 revenues but revenues previously disclosed for 2016 totalled €14.3m.

The venue has been in operation for 18 years and the figures show that directors Ramanathan Arulchelvan and Eileen Wright in 2017 paid themselves €783,044. The pay to the directors was up on the €760,347 paid out in 2016.

Shareholder funds at the firm at the end of 2017 totalled €15.45m, which included accumulated profits of €10.3m.

During 2017, the firm's cash pile increased from €374,376 to €424,100.

The book value of the firm's property reduced from €22.46m to €22.13m.

Staff costs at the venue last year increased from €4.32m to €4.5m.

The firm further invested in the property last year with €481,682 added to the value of the company's fixtures and fittings.

The company last year reduced the amount it owed in loans to 'credit institutions' from €6.65m to €5.94m.

In 2016, the company spent €1.1m on a refurbishment of Krystle with Mr Arulchelvan declaring on the re-opening that the investment in the premises and its staff will help the venue set the standard for premier nightclubs in the capital for the next 10 years.

Apart from Conor McGregor, former One Direction members Niall Horan and Louis Tomlinson have previously staged an exclusive party at the venue.

Irish Independent

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