The firm that operates popular Dublin nightclub Copper Face Jacks this year recorded pre-tax profits of €2.8 million - or €53,913 on average per week.
New accounts show that Breanagh Catering Ltd recorded a 10 per cent drop in pre-tax profits from €3.11 million to €2.8 million as revenues increased by 4 per cent from €11.35 million to €11.78 million in the 12 months to the end of January 31st this year.
The revenues for this year top the firm’s pre-pandemic revenues of €11.6 million in the 12 months to the end of January 2020 as the business makes a full recovery from the impact of the pandemic.
During the two years of the pandemic, Breanagh Catering sustained a cumulative revenue hit of €20.7 million when Government restrictions shut down the late night entertainment business.
The new accounts for Cathal and Paula Jackson’s Breanagh Catering show it clocked up nightclub and bar sales of €10.46 million this year which was an increase of €457,000 - or 4.5 per cent - on the €10.004 million in nightclub and bar sales in the prior year.
The Jackson Court Hotel on Dublin’s Harcourt Street houses the nightclub and Breanagh Catering recorded a further €1.32 million in accommodation sales which was down slightly on the €1.35 million recorded for the 12 months to the end of January 2023.
Numbers employed by the business last year increased by four from 137 to 141 as staff costs increased from €4.18 million to €4.57 million.
Pay to directors increased from €1.35 million to €1.43 million made up of remuneration of €289,651 and a €1.15 million contribution into the Jacksons’ pension pot.
The €1.15 million made in directors’ pension contributions follows a €1 million contribution in the prior year.
The company last year received ‘other operating income’ of €80,122 which followed €342,417 under that heading in the 12 months to the end of January 2023.
The profit takes account of non-cash depreciation costs and impairment of assets of €583,120. Operating lease charges totalled €199,120. The firm’s costs were made up of cost of sales of €1.11 million and administrative expenses of €7.99 million.
The accounts - signed off on October 22nd - show that the business recorded a post tax profit of €2.49 million after incurring a corporation tax charge of €304,686.
Addressing the risks facing the business, the directors state that “there continues to be increased competitiveness in the hotel and licensed trade sector while the company’s sales are also exposed to changes in general economic conditions in Ireland”.
At the end of January last, the company’s accumulated funds totalled €15.39 million. The company’s cash pile dipped from €8.7 million to €8.48 million.
Mr Jackson opened Copper Face Jacks in February 1996 and he put the business up for sale in March 2019 with industry sources at the time speculating the business might realise €40 million.
However, staff were told in a company memo in November 2019 that the business was no longer for sale as Mr Jackson “has decided to stay actively involved in the business”.
