Pre-tax losses of €7.65 million at Molloy’s

Molloy Holdings suffered a pre-tax loss on ordinary activities of €7.65 million in the year to 31st January 2010 on a turnover of €26.3 million, down by 17 per cent from the previous year’s turnover of €31.7 million when the pub and property group had a pre-tax loss of €2.30 million.

The decline in property values played a part in these results. In addition to property development and investment interests, Kevin Molloy’s group operates the Molloys Liquor Stores off-licence chain as well as a number of pubs in Dublin. Following an interim valuation, the Group adjusted the carrying value of its fixed assets from €43.5 million on 1st January 2009 to €30.2 million on 1st January 2010. The group employs 129 bar, off-licence and catering staff, down from 152 the year previously, with another 18 employed in admin, down one from the previous year. This produced a reduced wage bill of €3.6 million, down from €4.4 million the previous year.