Neven Maguire companies see cash funds rise to €3.5m

Gordon Deegan

Combined cash funds at two companies associated with chef Neven Maguire increased to €3.5 million last year.

One of Ireland's best known cooks and media personalities, Mr Maguire operates MacNean Restaurant and guesthouse at Blacklion, Co Cavan, with his wife, Amelda.

New accounts for the firm behind the business, Lucon Ltd, show it recorded pre-tax profits of €51,523 for 2022 – a 90 per cent decrease on the pre-tax profits of €499,901 for 2021.

The 2022 pre-tax profit last year takes account of combined non-cash depreciation and amortisation costs of €221,498.

At the end of December last year, Lucon Ltd had cash funds of €2.175 million.

The business is jointly owned by Amelda Maguire and Neven Maguire. The reduction in profits coincided with the numbers employed increasing from 47 to 62.

The main activity of Lucon Ltd is the management and co-ordination of the operations of a restaurant and accommodation business. The profits were skewed by other operating income declining from €834,973 in 2021 to €221,437 last year.

This followed Employer Wage Subsidy Scheme (EWSS) payments declining from €687,338 to €219,655, while a restart grant of €130,483 received in 2021 did not re-occur last year.

The firm last year recorded post-tax profits of €14,255, after paying €36,998 in corporation tax.

At the end of December last year, the firm was sitting on accumulated funds of €212,449.

The connected HCM Productions Ltd is 100 per cent owned by Amelda Maguire and employs only one person. However, it was far more profitable than Lucon Ltd last year, recording pre-tax profits of €490,687 – a 26 per cent increase on the pre-tax profits of €388,347 in 2021.

The principal activities of HCM Productions Ltd are to manage and coordinate the operation of a cookery school and associated public relations, demonstrations and media activities.

Mr Maguire has published 19 cookery books, while he also has a popular cookware range at Dunnes Stores.

The Neven Maguire Cookery School – located beside MacNean restaurant – opened in 2014.

The bumper 2022 enjoyed by HCM Productions resulted in accumulated profits increasing from €802,078 to €1.21 million.

The company’s cash funds increased by €421,532 from €913,012 to €1.334 million.

The profits at HCM Productions take account of combined non-cash depreciation and amortisation costs of €108,701.