Profits soar to €3.9m for firm behind the Temple Bar

One of the best known pubs in the country, the Temple Bar last year continued to deliver handsome profits for its owners.

Newly filed accounts for Temple Inns Ltd (and subsidiaries) show that the group that operates the Dublin watering hole last year had a 56-fold increase in pre-tax profits to €3.9m.

Gross profits, including other operating income, however dipped from €7.98m to €7.8m.

The pub, itself, has had significant expansion in recent years and only in the last week has added a Distillery Store that serves Irish, and Scotch whiskeys including rare ones.

Already a haven for tourists, throughout the year, it even received a visit from US singer, Beyoncé when she performed in the capital in 2014, it has its own merchandise shop next door.

The two directors of the firm are Tom Cleary and Jackie Cleary and their aggregate remuneration last year fell sharply from €1.15m to €326,619.

The Clearys’ pay last year was made up of €300,000 in salaries and €26,819 in pension contributions.

Last year’s surplus takes account of a profit of €2m from the sale of a fixed asset while the lower pre-tax profit in 2013 of €69,647 was a result of a property write-down and a €1.3m loss on the disposal of a property asset.

The principal activity of the group is operating the Temple Bar pub, retail clothing shops and income from commercial and investment property.

The group’s net debt reduced last year from €18.225m to €11.78m.