Friday 20 April 2018

Profits at business behind Hogan's bar and L'Gueuleton restaurant rise to €1m

Declan O’Regan’s Hogan’s bar
Declan O’Regan’s Hogan’s bar
L’Gueuleton restaurant on Fade Street

Gordon Deegan

Pre-tax profits at the flagship pub and restaurant business operated by one of the country's best known publicans, Declan O'Regan, last year increased to €1m.

Accounts for the 12 months to the end of May 2017, filed by O'Regan's Telfer Ltd that operates Hogan's bar and L'Gueuleton restaurant on Dublin's South Great George's Street, show that the firm's pre-tax profits increased marginally, from €973,151 to €1m.

Mr O'Regan is a brother of the late entrepreneur and publican, Hugh O'Regan, and the figures show that the firm's pre-tax profits increased as revenues increased by 3pc from €7.88m to €8.14m.

The business is clearly reaping the benefits of the boom in Dublin's night-time scene and, according to the directors' report, they are are satisfied with the year's results.

Telfer Ltd also operates O'Regan's Kelly's boutique hotel on South Great George's Street - Mr O'Regan has also expanded his business interests in the area with the operation of a bar and restaurant at the nearby Drury Buildings.

Operating profits at Telfer Ltd last year increased slightly, going from €1.187m to €1.197m.

Payments

The higher pre-tax profits last year arise from net interest payments of €215,798 in 2016 compared to interest payments of €196,642 in 2017.

Numbers employed by Telfer last year decreased from 98 to 95, with staff costs going up from €2.48m to €2.5m.

The figures show that staff numbers were broken down into 84 in sales and 11 in management.

Mr O'Regan, Marv O'Meara and Jacob Kalaparampil shared remuneration of €114,400 - an increase on the €104,000 paid out during 2016.

The firm's profits take account of non-cash depreciation costs of €390,765.

The accounts show that at the end of May last, the firm had shareholder funds totalling €9m that included €7.9m in accumulated profits.

The firm's cash during the year increased more than threefold, from €374,314 to €1.38m.

The business enjoyed a post-tax profit of €850,273 after paying corporation tax of €152,025.

The accounts reveal that the firm's land and buildings were professionally valued on April 26, 2016, at an open-market value of €14.25m.

The accounts show that a subsidiary, Tamarel Ltd, recorded profits of €79,812 last year.

The company had bank loans totalled €4.9m and the accounts confirm that Declan O'Regan has provided a personal guarantee of €3m.

The total book value of the company's property portfolio was €14.58m at the end of May last year.

Irish Independent

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