Bord Gáis Theatre posts operating profit of €1m

The staging of Mary Poppins was one of the hits to help the new owners of the Bord Gáis Energy Theatre to record operating profits of over €1m last year.

Bord Gáis Theatre posts operating profit of €1m

In 2014, Dublin couple John and Bernie Gallagher of Jurys Doyle fame bought the theatre for €28m, outbidding a number of other investors including Live Nation and Denis Desmond’s MCD for the landmark venue on Dublin’s south docks.

The theatre, which was built by Harry Crosbie, originally had a €80m price tag and was sold by receivers to Crownway Entertainment.

The 2,111-capacity venue has entertained hundreds of thousands of theatregoers over the past couple of years under the new ownership, with Billy Elliot and Josh Groban big crowd pullers.

The theatre first opened in 2010 and since then has entertained half a million theatregoers every year.

New accounts for the Gallagher-controlled Crownway Entertainment Ltd show the firm recorded operating profits of €1m last year. The accounts show that accumulated losses at Crownway last year rose by €460,158 to €920,653.

However, when combined non-cash depreciation and amortisation costs of €1m are taken into account, along with interest payments of €500,000, the filing confirms the €1.04m operating profit.

Reflecting a buoyant year for the business led by general manager Stephen Faloon, the firm’s cash pile last year jumped from €176,335 to €2m.

The company’s shareholder funds at the end of last year totalled €11.72m, due mainly to a “capital contribution reserve” of €12m. Numbers directly employed by the company last year totalled 32, with staff costs of €1.39m.

The accounts show that the number of employees includes 24 in administration and eight bar supervisors.

At the end of 2015, the firm had a corporation tax bill of €68,229. The venue recorded revenues of €7m in the 11 months to the end of November 2014 but no revenue figures are provided for the 12 months of last year.

Upcoming shows at the theatre include The Nutcracker, Swan Lake, La Boheme, along with An Evening with Sir Roger Moore, Sister Act, The Commitments and the RTÉ Concert Orchestra.

The naming rights for the theatre will shortly be up for grabs again after Bord Gáis announced a €4.5m rebranding of the theatre in 2011 as the Bord Gáis Energy Theatre.

Renowned architect Daniel Libeskind designed the theatre, which has seven bars, a rooftop terrace, a full orchestra pit and technical and backstage facilities.

The theatre has had a major impact in drawing people to Dublin’s Grand Canal Square.

In a press interview last year, Mr Faloon said: “In our first year we took in half-a-million people, and they were people from all over the country, as well as Dubliners who had never been to the area.”

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