Operating profits at Richard Corrigan’s restaurant group hit €485,000
CELEBRITY chef Richard Corrigan’s UK and Irish restaurant group last year recorded operating profits of £426,310 (€485,108).
Mr Corrigan has been busy building up his Virginia Lodge business in Co Cavan in recent years and new accounts show that the revenues from the business last year increased by 22pc, going from £1.8m to £2.22m.
Mr Corrigan’s UK revenue last year dipped marginally from £8.98m to £8.78m in London where Corrigan operates Bentley’s Oyster Bar and Grill, Corrigan’s Mayfair and Bentley’s
Sea Grill at Harrods in London.
The total revenues recorded by Richard Corrigan Restaurants Holdings Ltd last year increased from £10.8m to £11m.
Revenues at the group were made up of £5.9m in ‘catering’; £3.77m in beverage; £784,135 in ‘service charges’ and £523,341 in ‘other’.
The group recorded a pre-tax loss of £397, 753 and this takes account of non-cash depreciation costs of £778,402 and interest payments of £45,875.
Numbers employed by the business increased from 180 to 184 with staff costs declining from £4.47m to £4.45m.
Directors’ pay at the business last year increased from £270,000 to £300,114 with pay for the top paid director totalling £250,084.
At the end of last year, the business owed £320,205 to Richard Corrigan.
The group’s shareholder funds stood at £1m while the business’s cash pile reduced from £745,580 to £595,865.