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.

More in this section

IE logo
Devices


UNLIMITED ACCESS TO THE IRISH EXAMINER FOR TEAMS AND ORGANISATIONS
FIND OUT MORE

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Puzzles logo
IE-logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day. PS ... We would love to hear your feedback on the section right HERE.

Lunchtime
News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Some of the best bits from irishexaminer.com direct to your inbox every Monday.

Sign up
Execution Time: 0.205 s