Market right as bar’s profits on rise

Entrepreneur Jay Bourke said yesterday that he is delighted with the performance of his Market Bar, with figures showing that the business recorded pre-tax profits of €407,372 in 2012.

Mr Bourke co-owns the Dublin restaurant and pub with John Reynolds and Eoin Foyle, and the profits in 2012 follows profits of €401,018 in 2011, representing a 1.5% increase.

The restaurant and bar — with seating capacity for 300 — has featured on RTÉ reality show Fade Street and Mr Bourke said yesterday that the business continued to perform well in 2013. He said profits for last year “will be more or less the same as 2012. It is steady as she goes. It is a steady business. I am very happy with it.”

A note with the 2012 accounts states that “turnover has increased during the year mainly by the provision of an off-site bar at music festivals. The new income stream has contributed to the profits for the year”.

The note also states: “However, the company has a deficit of shareholder funds at year end of €644,790 — down from €989,161 in 2011. The company continues to depend on the support of its bankers, trade creditors, and directors.”

It adds: “The above circumstances indicate the existence of a material uncertainty which casts doubt about the company’s ability to continue as a going concern. However, the directors believe that the going concern basis is still appropriate as they have increased turnover and have a reasonable expectation that the company’s bank will continue to provide facilities.”

The abridged accounts lodged by Mercroft Taverns Ltd to the companies office do not provide a turnover figure. They show the firm reduced its bank debt during the year from €1.39m to €1.31m, while its cash decreased from €225,873 to €190,424.

An Bord Pleanála is considering an application by Mercroft to extend the premises by converting 25 South Great George’s St for use as a licensed premises. It is intended the building would act as an extension to the Market Bar at 14A Fade Street.