Copper turns to gold for city's favourite nightclub as profits soar to €72m
The millions continued to roll in last year for the company behind the country's best-known nightclub, Copper Face Jacks, as accumulated profits at the firm soared to €72m.
In another stellar 12 months for the company that operates the club on Dublin's Harcourt Street, Breanagh Catering last year recorded pre-tax profits of €5.16m - or just under €100,000 a week.
Boosted by the Dubs' All-Ireland senior football win in September of last year and a booming night-time scene in the capital, the cash mountain at the Coppers firm last year jumped by €5.1m from €54.79m to €59.84m.
The company enjoyed the increase in pre-tax profits after its gross profit - including unspecified "other operating income" - increased by 8.5pc going from €11.35m to €12.32m in the 12 months to the end of last January 31.
The €5.1m in pre-tax profits of last year following pre-tax profits of €5m in 2015, €4.9m in 2014 and €5.5m in 2013.
Last year, the company's accumulated profits increased from €67.58m to €71.96m.
The club, owned by former garda Cathal Jackson and housed in the Jackson Court Hotel, has generated the massive cash pile over the years as a result of its enduring popularity.
It opened in 1995, and has been followed by several new establishments eager to profit from the lucrative Dublin night-time scene.
However, armed with its €59.9m cash pile, the directors of Breanagh said the company "is proactive in trying to stay ahead of competition".
To that end, the business last year spent €782,502 in acquiring assets following an outlay of €1.4m in 2015.
In the year under review, the club's profile received a boost with Late Late Show host Ryan Tubridy decamping there in a well-publicised post-show visit with Olympic heroes Gary and Paul O'Donovan and Annalise Murphy.
Paula Jackson sits on the board with Cathal Jackson, and they rewarded themselves well last year, with pay to directors increasing from €684,498 to €790,568. This equates to pre-tax weekly pay of €15,203 for the two.
Last year was a period of expansion for the business, as the number of employees increased from 195 to 218, with staff costs increasing from €3.94m to €4.42m.
Copper Face Jacks operates seven nights a week and contains six bars, two covered beer gardens, a cocktail bar and a premium level, which has a private room for hosting parties.
There is also a cocktail bar and a VIP bar.
The net cash generated from operating activities at the company last year totalled €5.56m, compared with €4.48m in 2015.
At the end of January, the firm's tangible assets had a book value of €13.2m.
Its administration costs last year increased from €7m to €7.4m.