Galway nightclub closes after sliding into the red

The firm that operated Galway’s Central Park entertainment venue recorded a pre- tax loss of €457,962 before deciding to shut down the club.

Accounts just filed by Central Park (Galway) Ltd show that the firm plunged into the red in the 12 months to the end of June last year, having recorded a pre-tax profit of €86,884 in 2011.

The firm has since opted to shut down Central Park nightclub after 24 years in business, rebranding the venue as the Electric Garden and Theatre. The entertainment venues continues to include the highly successful Halo nightclub.

The directors say that revenues dropped significantly in 2012. The venue generated millions in profits for its owners during the boom years, allowing the firm to pay its directors €2.7 million in aggregate emoluments in 2008 and €3.3 million in 2007. Dylan’s cafe, which was opened in March 2012, closed in December 2012 due to continued loss making.

The numbers employed by the company last year fell from 165 to 131, with staff costs declining by 15 per cent to €1.89 million.

The company is controlled by Galway businessmen Declan Farrell and Maurice Gillen. Mary Farrell and Elizabeth Gillen also sit on the board. The downturn hit directors' remuneration last year, with the figure falling from €375,256 to €187,629.