Capital Bars logs €1.8m loss
Capital Bars, the pub and hotel group controlled by Liam and Des O'Dwyer, has reported a loss of £1.12 million sterling (€1.82 million) for the 12 months to April. Operating losses and write downs in Britain wiped out a £1.3 million sterling profit from the Irish division which includes O'Dwyers Brothers pub on Mount Street and a string of pubs and hotels in the capital.
The British businesses, which are up for sale, lost £955,000 sterling in the period. In addition the company decided to write down the value of its UK assets by £1.1 million. Capital is in discussions with a prospective buyer for the UK business, according to Mr Liam O'Dwyer the company's chief executive. Once the disposal is completed the group will concentrate on Dublin where it will operate 13 bars and restaurants and three hotels, he said.
Capital Bars was formed through the merger of Break for the Border and O'Dwyer Brothers' pub and hotel interests. The brothers received £4.4 million sterling in cash and 46 per cent of the group's equity.
As well as five British outlets Break for the Border owned the eponymous bar and restaurant in Dublin along with Major Tom's, Synotts and Cafe en Seine. The O'Dwyer brothers owned a string of pubs and hotels including O'Dwyer Brothers on Mount Street, the Rathmines Plaza hotel and Savannah bar, Zanzibar and The George, Dublin's leading gay bar.
Turnover increased from £21 million to £22.8 million of which £7.5 million was in the UK.