Fitzgerald pub group records pretax profit of €9.2m

THE PUB, investment and property development group run by Louis Fitzgerald made a pretax profit of €9.2 million in the year to the end of June 2007.

The group, owned by Mr Fitzgerald and wife Helen, had a turnover of €65.6 million in the year, approximately the same as the previous year. Profits, however, were €1.5 million higher.

The group made €4.9 million on the sale of a subsidiary, but saw its administration expenses rise to €35.7 million from €29.7 million.

The consolidated accounts for the holding company Ocsas Holdings Ltd state that turnover and profit all derive from activities in the Republic.

The Fitzgerald group is one of the most successful pub groups in the State. The owner of Kehoe's in Dublin, the Quays in Galway and as many as 20 other pub premises, it has restaurant, hotel and property interests. It owns the Louis Fitzgerald Hotel at Newlands Cross on the Naas Road, Dublin, and the Arlington Hotel in Dublin.

Mr Fitzgerald has been more upbeat than most of his colleagues about the potential for the pub trade, which has been viewed as having had a difficult time in recent years due to changing patterns of alcohol consumption.

The accounts give a value of €76 million to the group's tangible assets, a similiar figure to the previous year. Shareholders' funds at year's end were €40.6 million.

The accounts state that pub business Meyden Ltd was sold during the year for a consideration of €5 million. Companies Registration Office documents show the company was purchased by Tom Salmon. It is understood the business concerned is the Swallows Pub in Clondalkin, Dublin.

The accounts show the group has borrowed heavily from its owners, with debts to directors at year's end of €34.8 million. During the year, total advances to the group were €81.4 million, with the repayments from the group being €1 million less, leaving the net year-end figure.

The accounts show that, during the year, the group paid rent to Helen Fitzgerald totalling €33,000.