Doheny & Nesbitt pub profits lose their froth

Profits at landmark Dublin pub Doheny and Nesbitt last year decreased by 18.5% to €237,782.

Doheny & Nesbitt pub profits lose their froth

Profits at landmark Dublin pub Doheny and Nesbitt last year decreased by 18.5% to €237,782.

Newly-filed accounts for the pub’s operating company Swigmore Inns Ltd show that investment costs pulled the profits down, during the 12 months to the end of last January, but the pub’s revenues increased.

The pub’s accumulated profits last year increased from €3.56m to €3.8m.

Doheny & Nesbitt, on Dublin’s Baggot Street, was the first pub in Ireland to exchange hands for over £1m, when the Mangan brothers, Tom and Paul, purchased the premises in 1987.

The pub’s owners said they have been very happy with the performance of the pub — which employs 50 people — this year.

An increased food, wine and whiskey offering have boosted customer numbers, they said.

The pub has expanded in recent years with the opening of a cellar bar to deal with the crowds attending the pub.

Doheny & Nesbitt has long been a favourite haunt of politicians from nearby Leinster House and of lawyers, architects and actors, along with visitors from around the globe.

Doheny and Nesbitt is the flagship operation of the Mangan pub group, which also operates Smyths in Ranelagh.

The Swigmore accounts show that the company’s cash totalled €29,617 at the end of its last financial year, while the amount owed to the company by debtors totalled €1.98m.

Last year’s profits take account of non-cash depreciation costs of €79,869, the accounts show.

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