A 20 per cent increase in revenues at Richard Corrigan’s Virginia Park Lodge business in Co Cavan last year contributed to his UK and Irish restaurant group returning to pre-tax profit. Accounts filed show revenues increased from £2.2 million to £2.67 million.
The business recorded a modest pre-tax profit of £25,161 in 2018 after a pre-tax loss of £397,753 in 2017, a positive swing of £422,914.
Overall revenues at the group – which includes the performance of Bentley’s Oyster Bar and Grill, Corrigan’s Mayfair and Bentley’s Sea Grill at Harrods in London – last year decreased by 4 per cent from £11 million to £10.54 million.
“The investment at Virginia was a gamble, but I am very pleased with how the business is doing there,” Mr Corrigan said.
He also said that a €1 million investment in “glamping” at Virginia Park Lodge site had been “very, very successful”.
The business also operates as a wedding and special events location.
Mr Corrigan said that he expected the group to perform a lot better in the current year.
The accounts show that revenues at his London restaurants last year decreased by 10 per cent from £8.78 million to £7.8 million. Mr Corrigan blamed Brexit for the fall.
Despite this he is to open a new pub-restaurant, Daffodil Mulligans, at Shoreditch in east London in November in partnership with Malahide publican Tony Gibney.