Profits soar at city pub with record sale price
The country's most expensive pub, the Orchard Inn in Dublin returned operating profits of just under €450,000 last year.
It is now 11 years since one of the country's best known publicans, Charlie Chawke, purchased the pub in Rathfarnham for €22m.
Its record purchase price has yet to be broken here.
New accounts just filed by the company that operates the pub, Orchard Inn Ltd, show the profit for the 12 months to the end of September last.
The purchase of the pub and larger site was funded from a bank loan of €22m and although the annual bank loan repayments aren't disclosed in the accounts, they totalled over €500,000 in the last year that they were revealed, in 2011.
The accounts show that after taking in accumulated depreciation charges over the past number of years, the firm's main asset retained a book value of €20.5m at the end of October last. The accounts show that the firm recorded a post-tax loss of €1,184 but this is after taking into account a non-cash depreciation charge of €450,093 resulting in the operating profit of €448,909.
Numbers employed by the business fell from 50 to 48 with staff costs increasing from €1.29m to €1.32m. The cash pile last year reduced from €713,256 to €668,672. Separate accounts lodged show that Mr Chawke's decision to expand his pub empire during the recession have paid off with accumulated profits at his Seasons Inn Ltd firm increasing sharply last year.
Accounts filed by Mr Chawke's Searsons Inn Ltd, which operate Season's on Baggot Street, show that the accumulated profits rose from €336,391 to €731,356 in the 12 months to the end of September last. The cash pile totalled €975,882.