The country’s most celebrated night-spot, Copper Face Jacks was turning ‘Coppers into ‘gold' once more this year as it recorded pre-tax profits of €3.1 million.
The firm, Breanagh Catering behind Copper Face Jacks on Dublin's Harcourt Street, sustained a cumulative revenue hit of €20.7 million during the two years of the pandemic when Government restrictions shut down the late night entertainment business.
However, the nightclub's business rebounded in the 12 months to the end of January 31st this year as revenues increased almost ten fold from €1.399 million to €11.35 million.
This followed the business re-opening on a full time basis from January 27th 2022 after Covid-19 Government restrictions had shut down the business for most of the time since March 2020.
The €1.39 million in revenues for the prior year were recorded when Covid-19 restrictions meant that Copper Face Jacks was only permitted to open on 51 days during those 12 months.
The pre-tax profits of €3.11 million this year followed pre-tax losses of €522,782 in the prior year - a positive swing of €3.63 million.
The new accounts for Cathal and Paula Jackson’s Breanagh Catering show it clocked up nightclub and bar sales of €10 million this year compared to €1.33 million for the prior 12 months.
The Jackson Court Hotel on Dublin’s Harcourt Street houses the nightclub and Breanagh Catering recorded a further €1.35 million in accommodation sales compared to €63,632 in the 12 months to the end of January 2022.
Numbers employed by the business last year increased almost four fold from 36 to 137 as staff costs increased sharply from €1.17 million to €4.18 million. Pre-Covid employee numbers totalled 173.
Pay to directors increased five fold from €254,832 to €1.35m made up of €354,525 and the company paying out €1 million towards the directors’ pension pot which followed zero under that heading in the prior year.
The directors state that “there continues to be increased competitiveness in the hotel and licensed trade while the company’s sales are also exposed to changes in general economic conditions in Ireland”.
They state that “the company has considered the risks prevalent and is continuously working on managing its overheads to reduce costs and improve profitability”.
The company last year received ‘other operating income’ of €342,417 which followed €789,239 under that heading in the 12 months to the end of January 2022
The profit takes account of non-cash depreciation costs of €640,759. The firm’s costs were made up of cost of sales of €1.3m and administrative expenses of €7.27 million.
The business recorded a post-tax profit of €2.57 million after incurring a corporation tax charge of €534,466.
At the end of January last, the company’s accumulated funds totalled €12.89 million. The company’s cash pile increased sharply from €1.17 million to €8.75 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”.
