Copper Face Jacks nightclub took €20m hit over Covid

Dublin nightclub Copper Face Jacks sustained a cumulative revenue hit of €20.7 million during the two years of the pandemic, according to its latest accounts.

The accounts show that last year the nightclub’s parent firm, Breanagh Catering, clocked up average daily nightclub revenues of €26,721.

Covid-19 restrictions meant that Copper Face Jacks was only permitted to open on 51 days in the 12 months to the end of January this year. The accounts for Cathal and Paula Jackson’s Breanagh Catering show that it recorded nightclub revenues of €1.33 million last year – or an average of €26,721 per day.

The Jackson Court Hotel on Dublin’s Harcourt Street houses the nightclub, and Breanagh Catering recorded a further €63,632 in accommodation sales.

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The nightclub reopened to much fanfare on October 22nd last year after being shut down for 18 months due to Covid-19. However, with the spread of the Omicron variant it was forced to shut its doors again in early December, before reopening on a full-time basis from January 27th of this year.

The business recorded revenues of €1.39 million last year showing that the business sustained a revenue hit of €10.2 million on pre-Covid revenues of €11.6 million and this followed a revenue hit of €10.5 million during the first year of the pandemic.

The Covid-19 shutdown resulted in pretax losses of €522,782 last year, which was 65 per cent or €990,000 down on pretax losses of €1.51million in the prior year.

In a note with the accounts the directors said that the financial year ending January of this year had “been a very challenging period, with the business fully closed for 10 months of the financial year”.

The note said that the board continues to focus on cash-flow and managing costs, allowing it to be satisfied it has mitigated the risk associated with Covid to the maximum extent possible at this time.

On an upbeat note the directors said they have now fully reopened the nightclub in accordance with Government guidelines “and look forward to the future”.

Numbers employed by the business last year more than halved from 80 to 36, with staff costs reducing from €1.99 million to €1.72 million. Pre-Covid employee numbers totalled 173.

Pay to directors reduced from €381,393 to €254,832. The company last year received “other operating income” of €789,239.

The loss takes account of non-cash depreciation costs of €707,682. The business recorded a post-tax loss of €333,487 after recording a corporation tax gain of €189,295.

At the end of January last the company’s accumulated funds totalled €10.32 million. The company’s cash pile increased sharply from €122,269 to €1.17 million.