The company that operates the country’s most celebrated nightspot, Copper Face Jacks, sustained a €10.5 million revenue hit due to the Covid-19 pandemic.
Accounts filed show the pandemic stopped Breanagh Catering, its parent company, from returning profits as it hitherto had done.
The company recorded pre-tax losses of €1.5 million for the 12 months to the end of January 31st, 2021.
The pre-tax losses of €1.5 million for the year follow pre-tax profits of €2.46 million in 2019 , a negative swing of €3.97 million.
The nightclub business – jointly owned by Cathal and Paula Jackson – was only open for six weeks of the 12 months covered by the accounts and revenues plummeted by €10.5 million, or 90 per cent, from €11.62 million to €1.1 million.
The accounts cover revenues generated by the Jackson Court hotel that houses Copper Face Jacks on Dublin's Harcourt Street.
The night-club and bar revenues last year totalled €977,306 compared to €10.09 million in the previous year while accommodation sales amounted to €139,073 compared to €1.52 million in 2019-2020.
The sharp decline in revenues and losses serve to underscore the devastating impact Covid-19 has had on the nightclub sector.
Copper Face Jacks reopened on October 22nd after being shut down for 18 months. In early December when regulation stopped nightclubs opening after midnight, it opened from 6pm to 12am.
However, it has been forced to shut its doors again due to fresh Government restrictions on the sector.
Commenting on the risks facing the company, a directors’ note said that “ongoing developments of Covid-19 provide for a very uncertain outcome”.
Numbers employed by the business last year more than halved from 173 to 80 with staff costs reducing by 50 per cent from €3.99 million to €1.99 million.
Pay to directors reduced from €485,182 to €381,393.
The company last year received “other operating income” of €917,093.
The loss takes account of non-cash depreciation costs of €648,605.
At the end of January last, the company’s accumulated funds totalled €10.65 million. The company’s cash pile reduced from €919,070 to €122,269.
No dividend was paid last year. A €21.69 million dividend that was paid out in the previous year to a connected holding company, Breanagh Catering Holdings Unlimited. This firm is jointly owned by Cathal and Paula Jackson.