€177k profit at landmark pub

All of that wise economic chat at one of Ireland’s most storied pubs must be rubbing off on the owners, as profits at Doheny & Nesbitts last year exceeded €170,000.

The pub, on Dublin’s Baggot Street, was the first in Ireland to change hands for over £1m in 1987 when the Mangan brothers, Tom and Paul purchased the premises.A favourite haunt of politicians, the pub has recently attracted the likes of global stars Rihanna and Bruce Springsteen.

Speaking yesterday about the 2012 performance of Swigmore Inn Ltd — which operates Doheny & Nesbitt’s — Mangan Group general manager Niall Courtney said that last year the pub enjoyed “a solid year where it recorded organic growth. We are happy with how the year went”.

The newly-filed accounts show that accumulated profits climbed by €177,327 to €2.21m in the 12 months to the end of Jan 31 this year. The latest annual accounts place a book value of €2.84m on the property.

Doheny & Nesbitts is the flagship pub of the Mangan Group, recording the highest turnover of any of its five properties that employ over 100 people between them. Mr Courtney declined to state what the pub’s revenues were for last year but said food sales account for 20% of revenues and are growing.

He said: “A lot of investment has gone into Doheny & Nesbitt’s over the years and if you stand still in this business you die. You have to continually change and evolve.”

Located around the corner from Government Buildings, the pub was recently the scene of austerity protesters disturbing Minister for Energy and Communications Pat Rabbitte having a pint with colleagues, while senior ministers also used the pub to meet representatives of the troika.

Mr Courtney said: “From time to time we get politicians coming here, but not as much as they used to. We cater for a broad spectrum here and it doesn’t matter who walks through the doors, the hotel lobby worker gets treated the same as the Hollywood star.”

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