Profits continue to roll in at Copper Face Jacks and Oliver St John Gogarty pub
Accounts just filed for these Dublin venues show they are among the busiest and most profitable in the country
Copper Face Jacks, the highly-profitable nightclub on Harcourt Street in Dublin. Photograph: Bryan O’Brien
The money continued to roll in last year for two of Dublin’s busiest pubs and clubs, according to recently-filed accounts for the venues.
Accounts just lodged for the company behind the popular Copper Face Jacks nightclub show strong cash reserves in spite of a 20 per cent decline in profits, while the entity behind the Oliver St John Gogarty pub in Temple Bar recorded a large spike in profits.
Boosted by the booming night-time scene in the capital, the cash mountain at Coppers increased to €63.8 million from €59.8 million a year earlier.
The business’s pre-tax profit declined from just under €5.2 million to €4.1 million. The main reason for this drop was directors and joint owners Cathal and Paula Jackson handing themselves a bumper pay rise.
In the 12 months to the end of January 2018, the two shared €1.28 million, a 63 per cent or €497,688 increase on their remuneration in the prior year.
Copper Face Jacks has enjoyed a strong run of profitability as the Irish economy has recovered from the post 2008 recession, posting annual surpluses of €5.1 million, €5 million , €4.9 million and €5.5 million respectively in the preceding four years of trading.
Housed in the Jackson Court Hotel, the club opened in 1995 and the directors of Breanagh state “the company is proactive in trying to stay ahead of competition”.
The pre-tax profits declined last year in spite of revenues increasing marginally from €9.4 million to just under €9.6 million.
The company’s administrative expenses increased from €7.47 million to €8.6 million while its accumulated profits increased from just under €72 million to €75.5 million.
Numbers employed at the venue fell from 218 to 196 as staff costs, including directors’ pay, increased from €4.4 million to €5.1 million.
The nightclub operator paid corporation tax of €595,620 last year, leaving the company with after-tax profits of €3.5 million.
Across the city, pre-tax profits at the group that operates the storied Oliver St John Gogarty pub in Temple Bar last year more than doubled to €13.4 million.
This jump in profitability at the Martin Keane-controlled Drayton House Holdings Ltd was largely as a result of the reversal of a property writedown of €7.4 million.
Every year tens of thousands of tourists descend on the the well-known Dublin pub named after the Dublin literary figure immortalised in James Joyce’s Ulysses.
The figures for Drayton show that revenues increased by 4 per cent to €16.9 million in the 12 months to the end of February 28th, 2018.
Drayton also operates Blooms Hotel in Temple Bar and the accounts show that its cash pile rose from €8.4 million to €12.2 million. Accumulated profits increased to €46.9 million.
The numbers of staff employed by the business increased from 108 to 114 with employee costs going up from €2.8 million to €3 million.