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Copper Face Jacks nightclub firm pays out €45.95 million dividend

€11.6 million was generated in night-club and bar sales last year.

THE COMPANY BEHIND Cathal Jackson’s Copper Face Jacks night-club in Dublin last year paid out a dividend of €45.95 million to a connected firm owned Mr Jackson.

New accounts for the former Garda’s Copper Face Jacks company, Breanagh Catering Ltd show that the €45.95 million dividend was declared on 20 December 2018 and paid to the parent company of Breanagh Catering Ltd before 31 January 2019.

Jackson also owns parent company, Breanagh Catering Holdings and he last July moved to put the parent company’s financial affairs beyond public scrutiny when he obtained unlimited status for the company.

Jackson – who turns 65 later this month – set up Copper Face Jacks in 1995 and he has been content to see the cash mountain at Breanagh Catering Ltd rise to €63.7 million before the €45.95 million dividend was paid.

The move to pay out the dividend came ahead of an announced sale of the Copper Face Jacks business in March of last year with industry sources at the time speculating the business might realise €40 million.

However, staff were told in a company memo last November that the business was no longer for sale as Jackson “has decided to stay actively involved in the business”.

The memo stated that the decision to put the nightclub up for sale was made “reluctantly”.

The night-club business is one of the highest-profile business casualties of the Covid 19 pandemic with the nightclub shut down since March.

No re-opening date for the night-club has been pencilled in though the hotel that houses the night-club, the Jackson Court hotel on Dublin’s Harcourt Street is due to re-open its doors next Monday.

The new accounts show that the night-club’s earning power continued in the 12 months to the end of January 2019 with pre-tax profits reducing by 6% from €4.09 million to €3.82 million.

This followed revenues dipping by 9.5% from €14.6 million to €13.2 million.

A breakdown of revenues show that €11.6 million was generated in night-club and bar sales with €1.5 million in accommodation sales.

Numbers employed by the business last year reduced from 196 to 183 as staff costs, including directors’ pay, reduced from €5.14 million to €4.29 million.

The main factor behind staff costs reducing was pay to directors, Cathal and Paula Jackson reducing by more than half from €1.28 million to €554,764.

Cathal Jackson transferred his 99% share of Breanagh Catering Ltd to the parent company on 20 December 2018 and Paul Jackson transferred her 1% share in Breanagh Catering to the unlimited parent company on the same date.

The pre-tax profit at Breanagh Catering Ltd last year takes account of non-cash depreciation costs of €746,245.

The dividend payout, offset by the profits last year, helped reduce the company’s accumulated profits from €75.46 million to €31.75 million.

The firm’s operating profit last year was €3.69 million and finance income of €122,663 boosted the company’s profits to €3.82 million.

The firm enjoyed post tax profits of €3.25m after paying out corporation tax of €565,028.

At the end of January 2019, the firm’s tangible assets had a book value of €12.5m.

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    Mute Seamus MacIonnrachtaigh
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    Dec 16th 2013, 11:36 AM

    In Ireland there are almost 100 empty houses for every homeless person.

    Funny, I don’t think Enda mentioned that last night.

    Threshold do excellent work but they really shouldn’t have to.

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    Mute John
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    Dec 16th 2013, 12:08 PM

    I think its disgusting to use the picture of a homeless child in the 3rd world to contrast against housing problems in this country. The child you have depicted doesn’t have access to social services or the care we take for granted in this country.

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    Mute Alfalfa T Boggins
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    Dec 16th 2013, 12:29 PM

    Send your child out to sleep on the street tonight and then tell us about the difference it is being homeless in Ireland tonight and being homeless in a third world country. At least in a 3rd world country they dont set their homeless on fire

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    Mute John
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    Dec 16th 2013, 12:31 PM

    Alfalfa. Go to India or Bangladesh and see how the people in the slums live, they’re treated like vermin, they exist on nothing. the rats in this country have a better quality of life.

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    Mute Alfalfa T Boggins
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    Dec 16th 2013, 12:37 PM

    Sorry John to me a homeless Child here in December is at risk as much any anyone anywhere. Most 12 year old’s are not aware of the services you speak about. Plus obviously no one would print a picture of a homeless child in Ireland, its too small a country.

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    Mute micheal285
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    Dec 16th 2013, 12:23 PM

    Maybe it’s the shape of things to come John ??

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    Mute John
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    Dec 16th 2013, 12:35 PM

    more than eight million Bangladeshis live on less than USD 2 a day. Its disgusting how people in our sheltered first world bubble compare their ‘hardships’ to the people of the 3rd world. We don’t know real hardship in this country. Open your eyes!

    http://www.doctorswithoutborders.org/news/article.cfm?id=4794

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    Mute Aunty Simmonite
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    Dec 16th 2013, 12:28 PM

    Contrast the few comments on this issue with the outpourings of the do-gooders on the earlier ‘racist’ item.

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    Mute Sinead Hanley
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    Dec 16th 2013, 1:04 PM

    John… Charity BEGINS at home.. I dont know what kind of a mind would think its ok for an Irish child to suffer a little bit.. Its ok to be cold and hungry and wet.. At least she isnt suffering like those in the third world..

    A child should be subjected to NO suffering.. no matter what part of the world you live in..

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    Mute Mitch Connor
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    Dec 18th 2013, 3:32 PM

    Gg

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    Mute Arpy O'hEigceartaigh
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    Dec 16th 2013, 4:34 PM

    “Suffer little children to come unto me”
    I say no more; think about it.

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    Mute John Allen
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    Dec 17th 2013, 1:49 PM

    fantastic work is being done in cork in regard to homeesess and your journal is doing a great job in high lightind the matter my em address is danielgreydog@yahoo.co.uk used to do a lot of hunting in glanmire woods happy christmas an the new year too god bless

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