Temple Bar pub group brews up profits of €5.6m
THE group behind one of Ireland's most iconic pubs, the Temple Bar, last year recorded operating profits of €5.62m - or more than €108,000 each week.
Every week, thousands of tourists and locals alike descend on the landmark pub in Dublin's Temple Bar to sample the Guinness, food and live music at the venue.
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Punters can pay €6.90 for a pint of Guinness and €7.90 for a pint of Heineken at the pub, and new accounts for Temple Inns Ltd show that last year its operating profits increased by 43pc to €5.62m in a bumper year for the group.
The pub puts on around 20 live music sessions each week covering afternoons and night-time, and the crowds attracted to the live music helped gross profits at Temple Inns increase by 20pc from €10.93m to €13.12m in the 12 months to the end of October last.
The firm recorded pre-tax profits of €5.63m after taking into account interest charges of €683,954 and a non-cash gain of €695,850 on the revaluation of an investment property.
The multi-award winning pub also has its own merchandise shop adjacent to it, selling luxurious Irish brands.
The group also operates Moss and Gray restaurant and the Cloud Nine ice-cream shop.
The pub has enjoyed significant expansion in recent years and in 2015 added a distillery store that serves Irish, Scottish and very rare whiskeys.
The two directors of the firm are Tom Cleary and Jackie Cleary, and their aggregate remuneration last year increased from €324,055 to €337,003.
The consolidated accounts show that the Clearys' pay last year was made up of €300,000 in salaries and €37,003 in pension contributions.
At the end of October last, the group had accumulated profits of €19.1m.
The group's cash increased from €4.93m to €7.55m.
According to the directors' report for Temple Inns, the principal activity of the firm is to trade as licensed vintners and retail shops.
The directors' report states that the company traded strongly during the year with the benefit of new outlets for the retail business.
Numbers employed by the business last year increased from 70 to 81, and staff costs last year increased from €3.43m to €3.87m.