Investment costs hit Doheny & Nesbitt’s profits

Profits at landmark Dublin pub Doheny & Nesbitt last year decreased 18.5 per cent to €237,782.

New accounts filed by Swigmore Inns Ltd show that the business recorded the €237,782 profit in the 12 months to the end of January this year, compared with profits of €291,223 in the prior 12-month period.

Accumulated profits at the company last year increased from €3.56 million to €3.8 million.

Doheny & Nesbitt, on Baggot Street, Dublin, was the first pub in Ireland to exchange hands for over £1 million, in 1987, when brothers Tom and Paul Mangan bought the premises.

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A spokesman for the Mangan pub group said today: “We are very, very happy with the performance of the pub in the current year as the investment over recent years continues to bear fruit.”

The spokesman said that last year revenues were up at the pub but profits were down due to investment costs.

The spokesman said that the pub had seen an increase in business due to an increased food, wine and whiskey offering at the pub, where he said 50 people are employed.

The spokesman described the Mangan pub group as a “small but busy group”.

Favourite haunt

Doheny & Nesbitt has long been a favourite haunt of politicians from nearby Leinster House and of lawyers, architects and actors, alongside visitors from around the globe.

The pub company’s profits last year took account of non-cash depreciation costs of €79,869.

The pub has expanded in recent years, with the opening up of a cellar bar.

Doheny & Nesbitt is the flagship operation of the Mangan pub group. The group also operates Smyths in Ranelagh.

The accounts show that the firm’s tangible assets had a book value of €2.4 million and investments valued at €2 million. The company’s cash totalled €29,617 while the amount owed to the company by debtors totalled €1.98 million.