New Accounts For Bewley's Café Ltd Reveal The Bewley’s Café On Dublin's Grafton Street Experienced An 85% Decrease In Pre-Tax Losses In 2019
New accounts for Bewley's Café Ltd have revealed that the Bewley's café on Dublin's Grafton Street experienced an 85% decrease in pre-tax losses in 2019.
According to The Irish Times, the new accounts reveal that Bewley's Grafton Street café's pre-tax losses decreased by 85% to €462,000 in 2019 from €3.15 million in 2018.
Additionally, revenue reportedly decreased by 4% to €4.82 million; the rental charge for the café in 2019 remained the same as the charge in 2018 at €1.46 million; 131 people were employed at the Bewley's café on Grafton Street in 2019 and staff costs amounted to €2.8 million; and the company experienced a post-tax loss of €223,000 after receiving a €239,000 corporation tax credit.
COVID-19 Pandemic Impact
Regarding the impact of the COVID-19 pandemic, a note attached to the accounts reportedly stated that the company's net debt had increased by €1.4 million in December 2020 over 12 months to €14.6 million.
Glass Panels Ownership
The accounts reportedly also reveal that the firm transferred the ownership of glass panels by artists Harry Clarke, Pauline Bewick and Jim Fitzpatrick to the company's parent, Bewley's Ltd, in December of 2020.
The Irish Times quotes a note with the account as stating "that the landlord of the Grafton Street premises, RGRE Grafton Ltd, has claimed ownership of certain of these artworks and has initiated legal proceedings against the company, which proceedings are being vigorously defended".
It was reported earlier this year that Ronan Group Real Estate (RGRE) Grafton Ltd claimed that Bewley's wanted taxpayers to foot its rent requirements for its café on Dublin's Grafton Street by suggesting that it will donate the venue's Harry Clarke stained glass windows to the Irish people, and the former company took legal action against Bewley's over a dispute about the ownership of the windows.
According to The Irish Times, the case is due back in court next month after having been admitted to the fast-track Commercial Court list.
It was announced in May of 2020 that the Bewley's café on Dublin's Grafton Street would close permanently before the decision was subsequently reversed and Bewley's announced that it would begin a phased reopening of the venue.
Bewley's Ltd Figures
Bewley's Café Ltd is a subsidiary of Bewley's Ltd, separate accounts for which have revealed that it recorded pre-tax profits of €879,000 for 2019, and its revenues decreased by 2.6% to €143.68 million that year, as reported by The Irish Times.
© 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.