Conor McGregor's pub venture records losses of €441k
Investment costs contributed to the company operating Conor McGregor’s new pub venture, the Black Forge Inn, to record losses of €441,649 last year.
Investment costs contributed to the company operating Conor McGregor’s new pub venture, the Black Forge Inn, to record losses of €441,649 last year.
The Mixed Martial Arts fighter acquired the Crumlin pub last year and McGregor’s Jemi Ventures Ltd recently secured planning permission from Dublin City Council for a large extension to the premises.
The new accounts filed by Jemi Ventures Ltd put a book value of €3.64m on the pub building and tangible assets at the end of last year.
The loss for last year includes a non-cash depreciation charge of €317,262.
Buildings owned by the company had a book value of €2m while fixtures and fittings were valued at €1.63m.
The pub didn’t open until July of this year after a seven-figure make-over of the premises.
At a sitting of Dublin District Court last December, Jemi Ventures secured the transfer of the licence to allow it to open the pub.
The company’s cash funds at the end of last December totalled €665,108.
The progression of the venture has been financed by a loan of €3.95m.
A note attached to the accounts states that the directors have considered the company’s business prospects and all relevant aspects of the company’s financial position, including its ability to generate positive cash flow and/or obtaining additional funding that may be required.
The recent grant of permission comprises a part-one, part-two storey extension to the back of the pub.
The UFC star secured planning permission with 10 planning conditions attached by the council for the scheme.
It includes approval for a 32.7sq m outdoor dining area and a canopy over this location towards the back of the pub.
The spend forms just part of McGregor’s outlay on property in the Dublin area in recent times.
The planning submission reassured the council that “the hours of the public house will remain the same as they are at present, which is standard for the Dublin City jurisdiction and helps to promote the nighttime economy in supporting Dublin becoming a 24-hour city”.
Last month, McGregor confirmed plans to build “multiple amenities” on a “mega-site” along Dublin’s Grand Canal.
McGregor confirmed the new public space will include housing, a supermarket and will be a “stone's throw” from the National Children’s Hospital in Crumlin.
This followed a report that the Crumlin native has paid up to €19m in nearly completing the assembly of the site on the Davitt Rd near the Grand Canal.
Mr McGregor has deep pockets to fund such a venture.
Earlier this year, McGregor topped the Forbes list of being named the highest-paid athlete in the world for 2020 and 2021.
Forbes estimated that in the 12 months to the end of May of this year, McGregor earned €153m.
The figure includes $158m (€140m) from endorsements and the sale of a majority stake in his whiskey brand.
The planning documentation lodged with the council stated that the Black Forge Inn on Drimnagh Rd in Crumlin has been used as a pub for about 20 years “and with recent renovations, it continues to be a successful business”.
The documents state that the new expanded pub will generate jobs and attract visitors to Crumlin.
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