Cafe en Seine, the popular Dublin bar owned by the Break for the Border group, is to be doubled in size at a cost of £2 million early next year to accommodate expansion of food services and provide more space for the bar.
The investment was disclosed alongside Break for the Border's full-year results which benefited from a 20 per cent increase in operating profits, before head office expenses, to £2.6 million on turnover up 10 per cent at £14.8 million.
"Cafe en Seine is very successful and we are looking to expand on the food side in response to demand," said Mr Roger Beaumont, chief executive of Break for the Border. "On present plans, the £2 million-plus investment will be our largest in Dublin in the coming year. But we will also be spending around £500,000 on upgrading the bars at the Gaiety Theatre where Guinness will be putting money into a "Guinness at the Gaiety" bar.
The Break for the Border venue has benefited from the strong Irish economy and Dublin's tourist growth, and the implementation of a new pricing policy.
Break for the Border's financial results detail an £80,000 decline in pre-tax profit to £1.68 million after exceptional charges - profits before exceptional items rose 9 per cent to £1.9 million. Group turnover on continuing operations was barely changed at £18 million with Irish turnover reduced by £0.3 million on translation into sterling. "Turnover for the first 12 weeks of the current financial year on a like-for-like basis for bars and restaurants is up 11.1 per cent at a constant exchange rate", said Mr Beaumont. Total dividend payments rose 11.0 per cent to 2.0p, twice covered by adjusted earnings per share of 4.07p. Break for the Border' shares rose 1.5p to 77p on the results.
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