Krystal club profits hit €30k a week

Champagne continues to flow for the operators of one of the country’s best known nightspots, Krystal nightclub, with them reporting that the business will record profits of almost €30,000 per week this year.

According to accounts just filed by Triglen Holding Ltd — that operates the Russell Court Hotel that houses Krystal — its directors Ramanthan Arulchelvan and Eileen Wright are forecasting that the business will record profits of around €1.5m this year or €28,846 per week.

The two last year paid themselves €904,064 in emoluments (salaries or fees) and this followed the two receiving emoluments of €1m in 2011.

Triglen last year increased its pre-tax profits by 30% to €926,898, in spite of the firm’s gross profit dropping marginally from €8.55m to €8.45m.

According to the directors report, they expect 2013 sales to rise by 7%.

The report states: “The improvement reflects continual investment in all areas of the business offering a quality entertainment product to the public, having established two of Dublin’s best known night clubs, Krystal and Dicey’s Garden, together with a busy lunchtime trade in Dicey’s.”

Last year, Krystal featured in the headlines arising out of false allegations made by 24-year-old Leonard Watters from Navan, Co Meath, that X-factor judge Louis Walsh sexually assaulted him at Krystal nightclub.

Watters was jailed for six months and Mr Walsh received an apology and €500,000 from The Sun newspaper over their coverage of the claims.

The abridged accounts for Triglen Holdings Ltd do not provide a revenue figure. However, the figures show the company’s operating profits increased by 14% from €1.1m to €1.15m. Interest payments totalling €231,740 reduced the company’s profits to €926,898.

The profit in 2012 resulted in accumulated profits of €8m at year end. The firm’s shareholder funds stood at €13m.

The profit takes account of non-cash depreciation costs of €168,853. The firm has bank loans totalling €7.3m. The firm’s cash last year rose from €342,680 to €454,697.

Last year, competition increased in the nightclub sector on Dublin’s Harcourt St.

This follows Paddy McKilleen’s son, Paddy jr opening a nightclub on the street, while the firm that operates Copper Face Jacks is to invest in a revamp of the club and the Jackson Court Hotel.