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Keanes' €900,000 pension pay hits profits at Oliver St John Gogarty owner Drayton

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Oliver St John Gogarty's pub

Oliver St John Gogarty's pub

Oliver St John Gogarty's pub

Profits at the group that owns the Oliver St John Gogarty pub and Blooms hotel in Dublin's Temple Bar were hit last year after the group's three directors paid themselves €900,000 in pension contributions.

The Martin Keane-controlled Drayton House Holdings operates the well-known Dublin pub and new figures show that pre-tax profits fell by 54pc to €1.7m in spite of a jump in revenues.

The figures show that revenues rose by 7pc to €12.23m.

Mr Keane announced a €15m revamp of the disused Iveagh Markets in Dublin last week.

The directors are listed as Martin Keane, Vera Keane and Martina Keane and the accounts show that the profits took a hit after the directors paid themselves pension payments of €900,000 after no pension contributions were made in fiscal 2013.

The firm's 2013 accounts show that the group's profits were boosted by an exceptional gain of €1.45m arising from a revaluation of Blooms and no similar gain was made last year.

The firm's operating profits fell by 26pc to €1.76m. Numbers employed decreased from 105 to 104 with staff costs last increasing from €2.54m to €3.67m.

The directors' remuneration last year increased tenfold from €105,800 to €1.12m and this arose chiefly from the €900,000 pension payment.

The firm had €23.14m in accumulated profits with shareholder funds standing at €28.3m. The firm's cash during the year rose from €1.247m to €2.27m.

Irish Independent