Three pubs part-owned by former Ireland rugby stars Jamie Heaslip, Sean O’Brien and Dave and Rob Kearney this year enjoyed combined post-tax profits of €592,369 despite the Dublin riots “wiping off two weeks of trade”.
The foursome have minority shareholdings in three Dublin pubs – Lemon & Duke, Bridge 1859 and The Blackrock – in a venture with publican Noel Anderson who holds a controlling interest in the group.
Mr Anderson and his colleagues expanded the Grand Slam Bars group this year with the reported €5.5 million purchase of McSorley’s in Ranelagh.
Consolidated accounts for the group, Pinewood Bars and subsidiaries, show revenues increased by 23 per cent from €7.64 million to €9.39 million in the 12 months to the end of February this year.
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Bridge 1859 in Ballsbridge, Dublin 4 recorded post-tax profits of €178,208 while the Lemon & Duke recorded post-tax profits of €213,348. The company that operates The Blackrock, Carysfort Inns Ltd, enjoyed profits of €200,813.
“Honestly we’ve never had to work as hard to make money in our entire lives,” Mr Anderson said.
He described the pubs’ financial performance in the 12 months to the end of February this year as “all in all, not too bad”.
“Obviously, the Dublin riots didn’t help. The riots wiped off two weeks of trade at a very busy time of the year.”
The former Irish international rugby players serve as directors on the subsidiary firms and directors this year shared “ambassador fees” of €40,000.
A breakdown of the Pinewood Bar revenues show the group recorded drink sales of €5.74 million, food sales of €3.59 million and tea and coffee sales of €44,031.
Numbers employed at the group are now “just shy of 200″ according to Mr Anderson. Staff costs last year increased from €3.04 million to €3.77 million.
Mr Anderson said his ex-rugby international colleagues take “an active interest” in the business.
“I am not long off the phone with Rob [Kearney] and we are very excited by McSorley’s in Ranelagh. We have ambitious plans for it next year – watch this space. Food will be a big part of what we do there.”
The combined profits of €592,369 for the three pubs this year followed aggregate profits of €625,879 for the prior year where a portion of the Lemon and Duke profits were the proceeds of the business interruption insurance payout by FBD that arose from the firm’s successful High Court challenge over Covid-19 cover.
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