Profits flow for famed pub before lockdown

ONE of the country’s most famous pubs, O’Donoghue’s on Merrion Row in Dublin, continued to make strong profits before Covid-19 shut down the business earlier this year.

That is according to new accounts for the pub firm O’Donoghue’s (Merrion Row) Ltd, which show it recorded post-tax profits of €434,020 in the 12 months to the end of June.

The profits represents a 16pc decline on those of €521,151 recorded in 2018.

The pub has been shut since March 13 due to Covid-19 and a note attached to the accounts says the effect of the closure has been a temporary reduction in staff and a reduction in turnover.

The pub is owned and operated by the Barden family and the note says “the company is working with staff and suppliers while reviewing options under government support schemes”.

The note also says the longer-term impact of the Covid-19 pandemic on the business “is unknown”.

Pubs across the country are due to re-open later this month where food is served and with strict social distancing measures in place.

Music

The company’s accumulated profits last year increased from €1.56m to €1.95m, while its cash funds increased from €2.68m to €2.95m.

At the end of last June, the company’s shareholder funds totalled €9.3m. The company last year paid out €36,000 in dividends.

The profit takes account of non-cash depreciation costs of €212,551. Pay to directors last year remained at the same level at €154,698.

The pub has long been associated with traditional Irish music and, in particular, with the Dubliners, who began to play at the pub in the 1960s.

The premises were built in 1789 and in 1934 began operating as a full-time pub when Maureen and Paddy O‘Donoghue began running the bar. Oliver Barden purchased the pub in 1988.

The pub’s reputation extends far beyond Ireland with music superstars Rihanna and Bruce Springsteen and actor Sean Penn enjoying hospitality there in the past.

The accounts show that the company had no bank loans outstanding at the end of last June after owing €254,063 at the end of June 2018.

The financial statements put a book value on the company buildings of €6.4m.