Wine bars co-owned by Mick Wallace made €40,000 last year

A wine bar and restaurant company co-owned by TD Mick Wallace made a profit of €40,000 last year, although the firm’s debts continued to grow by €63,732 to nearly €400,000.

Wallace Calcio Limited was set up by the Wexford TD to run a chain of Italian-themed wine bars, cafés, and restaurants. These include Enoteca Torino in Inchicore, Asti on Russell St, and Langhe in Dublin’s Italian Quarter.

He owns a 40% stake in the company, which he founded with his son, Sasha, in October 2003. His niece, Tina Harpur, and his former partner, Patricia Barry, own the remainder of the shares.

Mr Wallace, 61, was a director of the firm, until he retired from the position in March, 2016 and was replaced by his son, Fionn, 33.

Sasha Wallace, 35, remained as a director until he retired in March and was replaced by Cathal Fanning.

Newly filed accounts show that the company made a profit last year, for the first time since 2013, reducing its accumulated losses by €39,760 to €128,577.

The firm also amassed a cash pile of €45,303 during the 12 months to the end of last August.

However, the company’s debts increased by €63,732 during the same period, and stood at €397,983 at the end of its financial year.

Wallace Calcio Ltd had tangible assets worth €113,295 on its balance sheet, along with stocks valued at €139,804. It was owed a total of €11,104 by its debtors at the end of the year.

The company’s wage bill increased by 5% last year to €1,234,575, while its directors received remuneration of €25,550, representing a marginal decrease compared to the previous year.

A former developer, Mr Wallace admitted in 2012 that he had knowingly made false declarations andhad underpaid Vat to the tune of €1.4m in respect of a separate company, M&J Wallace Limited.

Mr Wallace said that he did so to save his company and subsequently reached a settlement for €2.1m with the Revenue Commissioners.

At the same time that he embarked on his wine-bar venture, Mr Wallace purchased a four-acre vineyard in the Piedmont region of Italy, which produces its own wines.

He controversially sold the vineyard to his brother, Joseph, in 2009, while he was engaged with Revenue over the under-declaration of Vat.

Mr Wallace said that he transferred the €500,000 vineyard to his brother to settle an outstanding debt for building materials that he had provided to him on credit.

Mr Wallace did not respond to a request for comment today.