Accumulated profits for Swigmore Inn Ltd, which operates the famous Baggot St Lower bar much loved by politicians and media, jumped from €2.48m to €2.66m in the 12 months to the end of last January.
“We’re delighted with how business has gone this year. Corporate Ireland is back firing on all cylinders and the credit card behind the bar is a strong feature again,” said Niall Courtney, general manager of the Mangan Pub Group.
The pub’s revenues have also been boosted by an increased food offering and a broader appeal to tourists, via traditional music sessions.
It expanded last year with the opening of a cellar bar to deal with an increase in custom. Mr Courtney is also anticipating an increase in business from this week’s Web Summit, which boosted trade last year.
Doheny & Nesbitt, back in the late 1980s the first pub in Ireland to sell for over £1m, is the flagship operation of the five-strong Mangan Pub group, which also includes The Glenside Pub in Churchtown, The Stoneboat in Kimmage, and Ranelagh’s Smyth’s and Birchall’s.
The Doheny/Swigmore accounts show the firm’s land and buildings had a book value of €2.68m. Its profit takes account of non-cash depreciation costs of €81,342.
Some of those to enjoy the pub’s hospitality last year included IMF chief executive Christine Lagarde and music legend Van Morrison.