Nightclub firm’s profits fall to €353k

PRE-TAX profits at the company that operates one of the best known night-time entertainment venues in the country, the Central Park nightclub in Galway city, decreased last year by 82% to €353,884.

Central Park (Galway) Ltd also operates Halo nightclub and employs 135 people, with returns just filed to the Companies Office showing that pre-tax profits decreased from €2 million in 2009 to €353,884 in the 12 months to the end of June 30, 2010.

The directors of Central Park (Galway) Ltd state that the reason for the drop in business was the closure for renovations of the Central Park nightclub for five months.

The directors’ report states: “Despite ‘Halo’ opening three additional nights during the week to compensate, the turnover for the period is down significantly. However, the directors expect improved business in the coming years as a result of the refurbishments.”

The Revenue Commissioners reported for the final quarter of 2009, Central Park (Galway) Ltd made a settlement totalling €3.59m. This was made up of €1.145m in tax and €2.45m in interest and penalties.

The settlement arose from under-declaration of VAT and PAYE/PRSI and was categorised as a ‘revenue deposit interest reporting and offshore assets investigation case’.

However, no reference is made in relation to the settlement in the 2009-2010 accounts.

The company is controlled by well-known Galway businessmen, Declan Farrell and Maurice Gillen. Mary Farrell and Elizabeth Gillen also sit on the board.

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