€11.45 pints of Heineken: Revenues at Temple Bar pub group increase to €33.12m

Gordon Deegan

Revenues at the hospitality group that operates one of the country’s most famous pubs, the Temple Bar in Dublin’s Temple Bar, last year increased by 8 per cent or €2.55 million to €33.12 million.

In new consolidated accounts filed by Tom Cleary’s Hillbreak Ltd, they show the group’s revenues of €33.12 million in the 12 months to the end of October last year, following revenues of €30.57 million in the prior year.

The revenues of €33.12 million last year work out at an average weekly revenue of €637,015.

The accounts show that despite the increase in revenues, pre-tax profits at the Hillbreak group last year declined by 21 per cent to €6.56 million.

The chief factor in the profit decline was a €1.5 million gain the value of investment property in 2023 not re-occurring last year.

The pub front of the iconic Temple Bar is one of the most photographed pub fronts in Ireland and a drinks receipt from the Temple Bar pub put online by a customer went viral in April of this year showing a price for a pint of Heineken at €11.45.

The receipt also included six Baby Guinness shots priced at €11.35 each, totalling €68.10 for that portion alone and the receipt included a note to state that "all prices include live music and cover charge."

Hillbreak was only incorporated in May 2022 and counts the operator of Temple Bar, Temple Inns Ltd as one of its subsidiaries.

The directors state that the group activities include trading as licensed vintners, hostel, retail restaurant trades and the rental of properties.

The group generated cash of €8.02 million from operations last year.

The group last year recorded an operating profit of €9.01 million which was down marginally on the operating profits of €9.05 million in 2023.

Interest payments of €2.45 million reduced operating profits to a pre-tax profit of €6.56 million.

The group recorded a post tax profit of €5.63 million after incurring a corporation tax charge of €926,898. The profits take into account non-cash depreciation costs of €211,906.

Numbers employed remained at 92 as staff costs increased €6.55 million to €7.53 million.

At the end of October last, the group’s shareholder funds totalled €38.27 million that included a share premium account of €22.2 million and accumulated profits of €16.05 million.

The shareholder funds also include cash funds of €15.95 million.

Pay to directors remained at the same level of €300,000.

In the year under review, Ailesbury Rd resident, Mr Cleary suffered a blow in his ambitions to expand his business interests after the then An Bord Pleanála refused planning permission to Hillbreak subsidiary, Chambers Properties Ltd for a new 47 room boutique hotel facing onto Dame Street and Eustace Street.

The application involved the change of use of a building known as the Shamrock Chambers which is a five storey over basement building comprising a vacant restaurant, shop and vacant office uses to a six-storey hotel.

The book value of the group’s tangible assets last year increased from €52.77 million to €53.42 million made up of land and buildings freehold totalling €38.19 million, investment properties of €14.75 million and fixtures, fittings and equipment of €235,307.