New accounts for the company behind Dublin's Copper Face Jacks nightclub, Breanagh Catering Ltd, have revealed that the firm paid a €21.69 million dividend to its parent company, Breanagh Catering Holdings Unlimited, last year.
As reported by rte.ie, the new accounts for Breanagh Catering Ltd also reveal that the company's pre-tax profits decreased by 35.5% year-on-year during the 12 month period that ended on January 31, 2020, to €2.46 million.
The pre-tax profits figure takes account of non-cash depreciation costs of €710,687.
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Meanwhile, the company's revenues decreased by 12% to €11.62 million, its staff costs amounted to €3.99 million, directors' pay decreased from €554,764 to €485,142 and its post-tax profits amounted to €2.12 million following a corporation tax payment of €338,102.
As of January 31, 2020, the company employed 173 people.
The accounts put a book a value of €12 million on the company's tangible assets.
Additionally, the combined dividend amount paid in the two years to January 31, 2020, depleted the company's cash reserves from €63.7 million in January of 2018 to €919,070 as of January 31, 2020.
Breanagh Catering Holdings Unlimited joint owners Cathal and Paula Jackson said in their directors' report that they consider the results for the year to January 31, 2020, to be satisfactory.
They also said that they are focussing on cash-flow and managing costs, which is allowing them to be satisfied that they are mitigating risks associated with the COVID-19 pandemic to the maximum extent possible at present.
© 2021 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.