Business Irish

Saturday 21 April 2018

Corrigan's group cooks up profits of £800,00

Celebrity chef, Richard Corrigan.
Celebrity chef, Richard Corrigan.

Gordon Deegan

Irish celebrity chef Richard Corrigan's restaurant business continues to cook up a storm with pre-tax profits at the group almost topping €1m last year.

New figures show the TV's chef's gourmet food group recorded pre-tax profits of £802,339 (€991,287) in the 12 months to the end of December last.

The star of RTE's 'Corrigan Knows Food' saw the size of his group's business continue to increase last year with revenues increasing by 2.7pc from £8.89m to £9.13m.

In spite of the increase in revenues, the firm recorded a 9pc drop in pre-tax profits from £883,186 to £802,339 due to administrative costs.

The accounts just lodged with the UK-based Companies House by Richard Corrigan Restaurants Holdings Ltd, state that "the group has had a satisfactory year".

Corrigan's Bentley's Oyster Bar & Grill in London's Piccadilly serves more oysters than any other UK restaurant.

The 48-year-old Co Meath man -- who has gained a Michelin star in the past -- also operates the award-winning Corrigan's Mayfair and the group's restaurants also include Bentley's Sea Grill at Harrods.

The group also provides restaurant consultancy and cookery classes and the figures show that the numbers employed by Mr Corrigan's group last year increased from 131 to 133.

The business has been boosted by Corrigan's growing profile in the UK that has involved cooking for Queen Elizabeth and multiple appearance on TV.

Mr Corrigan is a director of the firm and aggregate remuneration to the firm's two directors last year increased from £284,167 to £301,000. The returns show the remuneration for the highest paid -- and unnamed director -- totalled £281,000. The group's operating profit last year fell by 10pc from £914,400 to £825,405.

The group's profits take account of non-cash depreciation costs of £319,285. The group had accumulated profits of £1m at year end. Mr Corrigan was unavailable for comment yesterday.

Irish Independent

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