Market Bar losses cut to €409k

IT may have one of the hippest addresses in Dublin but the company that owns The Market Bar on Fade Street suffered pre-tax losses of just over €400,000 in 2009.

According to accounts just filed for Mercroft Taverns Limited, which owns the popular Market Bar the company made a gross profit of €1.9m in 2009 compared with €2.3m in the previous year.

The company incurred losses during the year to the end of December 2009 of €409,002 after allowing for exceptional items relating to rent paid of €850,000 and a recovery of a previously impaired investment of €400,853.

The accounts show however that pre-tax losses are down significantly from the €3.4m losses in 2008.

The company had a deficit on shareholder’s funds at the year end of €1,608,326.

The accounts said the company is dependent on the support of its bankers and trade creditors.

The accounts said these factors indicate the existence of a material uncertainty which “casts doubt about the company’s ability to continue as a going concern”.

The directors said, however, that they believe the going concern basis is still appropriate as they have taken steps to reduce costs, and have a “reasonable expectation that the company’s bank will continue to provide facilities”.