Business Irish

Thursday 16 August 2018

Corrigan's Virginia Park Lodge on course for 2018 profit

Chef Richard Corrigan says business at his Virginia Park Lodge wedding venue is “going great” and on target in the long-term
Chef Richard Corrigan says business at his Virginia Park Lodge wedding venue is “going great” and on target in the long-term

Gordon Deegan

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."

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