Conor McGregor pub records €1.13m loss in 2021

Accounts show the business spent €272,000 on 'motor vehicles' last year
Conor McGregor pub records €1.13m loss in 2021

Gordon Deegan

Conor McGregor’s Black Forge Inn pub and restaurant in Crumlin in Dublin 12 last year recorded losses of €1.136 million.

New accounts filed by McGregor’s Jemi Ventures Ltd show losses last year followed losses of €441,649 in 2020.

The business at the end of last December had accumulated losses of €1.578 million.

Covid hit

The financial performance of the pub was badly hit by the Covid-19 pandemic last year.

A spokesman for the Black Forge Inn said on Wednesday after only being open for a few months of 2021 “the Black Forge Inn, like countless others, was impacted by the pandemic shut down and reduced hours".

He said: “We knew we would be operating at a loss, but we continued to serve the community and immediately ramped up once we were allowed to open.”

He said: “With our notoriously generous owner, Conor McGregor, sparing no cost in bringing all the excellence Ireland has to offer to our amazing pub.

“The future is bright for the Black Forge Inn and the plans for the future are to expand our brand to be the most well-known iconic Irish pub in the world. An example of this was seen by our mega successful Black Forge Inn pop up in Abu Dhabi for the Formula One Grand Prix last weekend.”

A note attached to the accounts states that the premises only opened to the public on July 26th 2021 "when Covid rules allowed indoor dining but at a reduced capacity".

The note states that “the company did not receive any State assistance through grants or aid throughout the financial period”.

New motor vehicles

The losses last year would arise from investment costs and the expansion of the business where staff numbers increased from three at the start of last year to 46 last December as staff costs increased sharply.

The investment in the pub included €272,275 put on the value of newly purchased motor vehicles for the company last year.

The MMA fighter acquired the Crumlin pub in 2020 and Jemi Ventures Ltd last November secured planning permission from Dublin City Council for a large extension.

The spend on the pub venture has been financed by a loan of €5.33 million and the net amount borrowed by the firm last year increased by €1.38 million - up from €3.95 million at the end of 2020.

The accounts filed by Jemi Ventures Ltd put a book value of €4.32 million on the pub building and tangible assets at the end of last year.

The loss for last year includes a hefty €471,545 non-cash depreciation charge.

Buildings owned by the company had a book value of €2 million while fixtures and fittings were valued at €2 million.

Planning

Last November the company was granted permission for an extension to the back of the pub.

Last year, McGregor confirmed plans to build “multiple amenities” on a “mega site” along Dublin’s Grand canal.

Mr McGregor has deep pockets to fund such a venture.

According to the latest figures from Forbes, McGregor is ranked 35th in its 2022 top highest earning athlete rankings earning $43 million over a 12-month period.

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 around 20 years “and with recent renovations, it continues to be a successful business”.

The documents state that the expanded pub will generate jobs and attract visitors to Crumlin.

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