McKillen’s entertainment group’s earnings rise 28%

Earnings at Paddy McKillen’s Irish restaurant, pub and nightclub entertainment group last year increased by 28% to €2m.

McKillen’s entertainment group’s earnings rise 28%

New figures lodged by Orsen Ltd with the Companies Office show that the group recorded the jump in earnings before interest, tax, depreciation and amortisation after revenues increased by €7.2m or 32% from €22.63m to €29.8m.

Mr McKillen’s Irish entertainment business has flourished while he has become ensnared in a bitter dispute with reclusive billionaires, the Barclay brothers over the control of the luxury five-star Claridges, the Connaught and Berkeley hotels in London.

The accounts for Orsen Ltd include the revenues of McKillen’s Wagamama restaurants here along with the revenues at the Everleigh Garden nightclub on Dublin’s Harcourt St and the Workman’s Club in Temple Bar adjacent to the Clarence Hotel he co-owns with U2.

The expansion of the group has been driven by Mr McKillen’s son, Patrick McKillen Jr.

Patrick McKillen Sr is listed as the ultimate controlling party of the business.

Directors Liam Cunningham and Ronnie Delaney sit on the board of Orsen Ltd and they were drafted in last year year to replace Bono and The Edge as Clarence Hotel board members.

Following a re-organisation of the business, the consolidated accounts for 12 separate companies are published for the first time, showing the group’s revenue and profit figures.

Last year, the expansion of the McKillen-owned Orsen business continued with the numbers employed going from 518 to 541. Staff costs increased from €8.6m to €10.48m, with directors’ remuneration reduced from €137,588 to €134,992.

The group achieved the EDITDA of €2m “against the backdrop of a continuing, challenging economic climate,” the directors stated.

“The group’s trading continues to strengthen and the company continues to provide best service and product to its customers.”

The firm’s pre-tax profits last year doubled going from €125,575 to €250,845.

The profit takes account of interest charges of €310,322 and non-cash depreciation costs of €1.4m.

Shareholder funds topped €1.24m while the firm’s cash last year decreased from €659,574 to €616,462.

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