Corrigan restaurants’ profits take ‘kicking from Olympics’

Pre-tax profits at celebrity chef’s London group down 32 per cent on previous year

Chef Richard Corrigan

Chef Richard Corrigan

 


Irish celebrity chef Richard Corrigan has said his restaurant business recorded pre-tax profits of £545,030 (€645,834) after taking “a terrible kicking from the London Olympics”.

Mr Corrigan was commenting yesterday on accounts just filed by his Richard Corrigan Restaurants Holdings Ltd that show revenues at his business last year dipped by 1 per cent from £9.13 million to £9.04 million.

The figures show pre-tax profits at the group – which operates three London restaurants – decreased by 32 per cent from £802,339 to £545,030.

Mr Corrigan said he was “pretty happy” with how the business performed last year. He said revenues were down at his London restaurants by about 20 per cent to 25 per cent last summer due to the Olympics. He said he had taken on additional staff in anticipation of business from the event that never materialised.

The 49 year old – who has gained a Michelin star in the past – also operates the award-winning Corrigan’s Mayfair and Bentley’s Sea Grill at Harrods.

The business has been boosted by Corrigan’s growing profile in the UK that has involved cooking for Queen Elizabeth and multiple appearances on TV food shows.

Mr Corrigan said the group – which employs 160 – is debt free. He said: “I am conservative when it comes to business and I say that proudly.”

He said he had no plans to open a restaurant in Dublin. “I’m at a stage in my career when I don’t need bundles of stress. Times are still tough in Dublin and opening a new restaurant there would be hard work and risky.”

The profit last year takes account of non-cash depreciation costs of €559,680.

Mr Corrigan is one of two directors to serve on the group’s board and remuneration for directors last year totalled £330,000 with the top paid directors receiving £310,000.