Porterhouse pubs post increased operating profits

Business at celebrity haunt, Lillie’s Bordello and another flagship pub in the Porterhouse Group, the Porterhouse Central pub continued to increase last year.

New accounts for Noyfield Ltd, which is the firm behind Lillie’s Bordello and the adjoining Porterhouse Central bar show it recorded operating profits of almost €120,000 in the 12 months to the end of February.

The new accounts filed show that the Noyfield business recorded a loss of €208,281.

However, this includes a non-cash depreciation charge of €325,000 giving an operating profit of €118,719.

Separate accounts for Iskasinc Ltd that operates the Porterhouse Pub on Dublin’s Parliament Street show the business there recorded a profit of €213,566 last year.

The Porterhouse Group was co-founded by the late Oliver Hughes who passed away suddenly at his home from a suspected heart attack last July.

Set up more than 25 years ago, the Porterhouse Group now employs over 500 people across its pub network in Dublin, London and New York.

The group incorporates seven bars, five restaurants, Lillie’s Bordello, the Dingle Distillery and its brewing operations.

Commenting on the results for Noyfield and Iskasinc last year, Oliver’s son, Elliot Hughes, who is the group’s business development director, said the group sees the two businesses “as two of its most important flagship premises”.

He said: “The group is very encouraged both sites are running at a profit before depreciation and amortisation and continuing to grow year on year.”

Mr Hughes said: “The growth of tourism and the craft beer sectors in particular in Ireland has been extremely good news for the Porterhouse Group.”

He said the Porterhouse Group “performed very well last year” with its bars and restaurants increasing trade on the previous years.

“The Porterhouse Group have excellent plans for growth in 2017 with our new brewery coming on board during the year which will allow us to grow our beer sales domestically and with export, a bar in New York as well as a couple of ventures in Ireland we are actively looking at,” he said.

Accumulated profits at Noyfield Ltd at the end of February last came to €1.62m, while te firm’s cash pile more than doubled to €1.23m.

Staff numbers last year was unchaged at 48 people, and staff costs were at €1.66m. Accumulated profits at Iskasinc last year totalled €2.66m, with 40 staff costing €1m.