Corrigan's Virginia Park Lodge on course for 2018 profit
Celebrity chef Richard Corrigan said that his Virginia Park Lodge venture "is going great" and he expects to record a small profit there this year.
Mr Corrigan was commenting on new accounts filed by Virginia Park Lodge Ltd which show that the company's losses increased marginally to £466,282 (€517,566) in 2016 as it continued in its startup phase.
The increase in losses came in spite of revenues doubling going from £929,819 to £1.8m at in the 12 months to the end of December 2016. The venture continues in its investment phase and the pre-tax losses in 2016 follow pre-tax losses of £439,671 in 2015. The losses in 2016 arose from cost of sales totalling £1.2m and administrative costs of £943,120. Mr Corrigan said that the losses were "absolutely anticipated" due to the business continuing in its investment phase.
On the anticipated profit in 2018, Mr Corrigan said: "The estate will show the makings of a business this year. It is a year overdue due to a large project at the estate last year." The loss in 2016 takes account of hefty non-cash depreciation costs of £275,392.
Numbers employed increased from 34 to 53. Mr Corrigan said that he invested a further £1.6m in the business last year. He said: "It is very much a hungry beast."
He said: "I am very, very pleased with how the business is going. It is very much a personal project. I thought it was going to be a six-year project, but I think it will be a 10-year one."