Thursday 13 December 2018

Dr Quirkey hits the jackpot as profits increase to €23.8m

Firm’s Dublin venue has 20,000 sq ft of entertainment space. Stock image
Firm’s Dublin venue has 20,000 sq ft of entertainment space. Stock image

Gordon Deegan

Rosanna Davison's father-in-law Richard Quirke saw his fortune rise even higher last year as accumulated  profits at his amusement arcade and casino business jumped to €23.8m.

New accounts filed by Mr Quirke's firm, Dublin Pool and Juke Box Co Ltd, show that the firm recorded pre-tax profits of €737,486.

This followed the company recording pre-tax profits of €1.24m in 2016 - a drop of 40pc.

Mr Quirke is the businessman behind the €480m plans for a major development which includes a casino at Two Mile Borris in Co Tipperary. Planning was granted for a modified plan in February 2013.

His arcade firm operates Dr Quirkey's on Dublin's O'Connell Street that features over 400 slot machines in the casino area where players can also play poker, roulette and blackjack.

Opened in 1992, Dr Quirkey's also claims to be one of the leading gaming arcades in Europe with 20,000 sq ft in its entertainment area.

The company sustained the drop in pre-tax profits after its gross profit reduced by 6pc from €4.9m to €4.65m while its administrative expenses rose from €3.7m to €3.9m. Last year's profit takes account of non-cash depreciation costs of €576,486 and non-cash amortisation of goodwill of €81,408.

Accounts show that remuneration for Richard Quirke and Anne Quirke last year remained at €213,000.

Meanwhile, the amount owed to Mr Quirke by the firm was €805,392 at the end of June 2017 compared to €1.345m at the end of June 2016.

The firm recorded a post-tax profit of €542,199 after paying corporation tax of €195,287.

The book value of the firm's tangible assets was €25.4m at the end of June last while the company also had investments of €6.4m, while the company's cash pile reduced from €2m to €1.54m.

Referring to its plans for its casino at Two Mile Borris, the directors said "the company is continuing to purchase land and properties in order to develop a casino and leisure complex in Co Tipperary".

The accounts show that the company made payments of €783,299 to acquire fixed assets last year and this followed a pay-out of €670,272 in 2016.

At the end of June last, the company had shareholder funds totalling €32.68m. This was made up of €23.87m in accumulated profits; €8.57m in 'other reserves'; €184,340 in a share premium account; and €57,138.

Numbers employed by the company last year increased from 50 to 52 with staff costs totalling €2.284m.

Mr Quirke's daughter-in-law, former Miss World Rosanna Davison, is currently carving out a lucrative niche as a lifestyle guru.

The final set of accounts filed by Ms Davison's Zanadoo Productions Ltd ahead of securing unlimited status show that the firm's accumulated profits dipped during the year from €65,785 to €61,460.

Irish Independent

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