Fitzgerald Group’s properties drop €53 million

Pre-tax losses of €50.5 million were recorded in the year to 30th June 2010 at Ocsas Holdings, Louis Fitzgerald’s holding company, for his chain of pubs, hotels and properties. This compares with a loss of €4.5 million in the previous year, according to the latest set of accounts submitted to the Companies Office.

But “despite the difficult economic climate”, Operating Profits at the company were up 12-fold to €7.2 million (from 2009‘s €575,049) on a turnover down by 12 per cent from €64.9 million in 2009 to €57.1 million last year.

The pre-tax loss resulted from an exceptional item, a writedown of freehold propety values (and ‘impairment of work in progress’) of some €53.2 million.

The Louis Fitzgerald Group operates some of Dublin’s key pubs including the Stag’s Head and Kehoe’s in Dublin city centre as well as another 24 pubs and hotels in the capital and in Galway.

During the year employee numbers dropped through reductions in Administration, Bar Managers and Bar Staff from 644 in 2009 to 593, reducing the overall wages and salaries bill by 9.3 per cent from nearly €16 million to €14.5 million.