€6.8m in pay for pub owners
The couple who own some of Ireland’s best-known pubs, including Kehoes and The Stag’s Head in Dublin, shared a bumper pay-packet of €6.8m last year.
The payout for Louis Fitzgerald and his wife Helen is up sharply from the €435,962 the couple tapped in directors’ pay in 2017.
The pay is disclosed in accounts for the largest entity in the Louis Fitzgerald pub and hotel group, Burtse Ltd, which show its pre-tax profits fell by 30% to €5.6m.
The couple lead the family-owned Louis Fitzgerald Group where the Fitzgerald adult children also take a prominent role in running the business.
The drop in pre-tax profits at Burtse in the 12 months to the end of June last comes after the Fitzgeralds’ large pay last year.
The Fitzgeralds saw a large increase in revenues at Burtse — up 16% from €60.4m to €69.9m in the year covered by the accounts.
Fitzgerald’s Burtse Ltd includes the Quays Bar, the Stag’s Head, Kehoes and The Louis Fitzgerald Hotel in Dublin as its star performers.
Staff numbers at Burtse increased by 93 people to 798 staff, as staff costs, including directors’ pay, increased from €15.39m to €22.2m.
Burtse’s pre-tax profits take account of non-cash depreciation costs of €3.74m.
Burtse posted an operating profit of €8.29m and paid out €2.6m in interest payments.
According to the directors’ report, measures taken to reduce costs, introduce improved working practices and efficiencies and develop new marketing strategies for new business will ensure the company remains profitable.
“This will also ensure that when the current economic climate improves, the group will be a strong position to take immediate advantage of improved circumstances,” the directors say in the accounts.
The business had shareholder funds of €30.3m after receiving a capital contribution of €18.45m during the year.
Burtse’s cash increased from €17.56m to €29.34m.
The accounts show that Burtse spent €16m on investment properties, along with €8m on buying tangible fixed assets. It valued its tangible assets at €111m. It also realised €4.7m from the sale of properties. Burtse’s total bank loans at the end of June last year were €56m.
