Family-run bar toasts stellar profits of €310k

Tourists and ‘techies’ last year contributed to one of the country’s best known pubs, O’Donoghue’s on Dublin’s Merrion Row, having a stellar year to record post-tax profits of over €310,000.

New accounts show the firm behind the family-run O’Donoghue’s (Merrion Row) Ltd reduced its accumulated losses by €311,819 from €597,463 to €285,644 in the 12 months to the end of June 30 last.

This followed the firms profits of €280,236 in fiscal 2012. The accounts for last year show that the firm’s cash pile increased by €238,834 from €783,362 to €1.022m. Shareholder funds stood at €7.1m.

The pub’s reputation extends far beyond Ireland with superstars, Rihanna and Bruce Springsteen along with actor Sean Penn enjoying hospitality there in the recent past. The pub has long been associated with traditional Irish music.

Yesterday, pub owner Oliver Barden said: “We were very happy with how the business performed during 2013. The Gathering led to a huge upturn in the tourist trade and we are finding this is rolling into 2014. Events such as the Dublin Web Summit, along with a strong interest in domestic sporting events, gave us a boost.

Mr Barden added: “We have put a lot of hard work into the business in the last number of years and have invested in extending the bar and, thankfully, we are starting to feel the benefits of that now with the ability to host a more diverse range of events.”

The premises was built in 1789 and in 1934 began operating as a full-time pub when Maureen and Paddy O’Donoghue began running the bar.

Mr Barden bought the pub in 1988 and said yesterday: “Having all the family involved in the daily running of the business is a big plus and we are looking forward to more of the same in 2014”.

The pub employs around 20, including Mr Barden’s daughter, Carol and son, Kevin. Carol Barden said yesterday: that the business is faced with a 100% increase in rates from Dublin City Council this year.

Oliver Barden said: “We have found the cost of doing business has risen and will continue to do so with a huge increase in rates proposed for 2014.”

The figures show last year, the firm reduced the amount it owed to banks from €1.15m to €986,589.