Pints of Guinness priced above €10 helped Tom Cleary’s Hillbreak Ltd, the parent company of Dublin’s iconic Temple Bar pub, increase pre-tax profits by 46.4 percent to €9.61 million last year, according to consolidated accounts filed for the hospitality group.
The newly filed documents show that revenues for the 12-month period ending in October rose 16 percent to reach €38.35 million, up from €33.12m the prior year. According to the company filings, the group averaged weekly revenues of €767,041, while pre-tax profits marked an increase over the €6.56 million recorded in the preceding 12 months.
Revenue Growth and Pub Operations at The Temple Bar
Operating profits across the hospitality group climbed 27 percent from €9 million to €11.46 million, though net interest payments of €1.82 million brought the pre-tax profit down to €9.6 million, as detailed in the accounts. After incurring a corporation tax charge of €1.3 million and accounting for non-cash depreciation costs of €127,684, the group recorded a post-tax profit of €8.29 million.
Operations generated cash of €13.85 million last year. The group’s book value for tangible assets reached €53.7m, comprising €38.6m in freehold land and buildings, €14.75m in investment properties, and €133,848 in fixtures, fittings, and equipment. Staff numbers remained steady at 92 employees, while staff costs increased from €7.53 million to €8.06 million, according to the filings.
Viral Receipts and Premium Pricing Scrutiny
The Temple Bar front remains one of the most photographed storefronts in Ireland, drawing heavy tourist traffic that supports its high-volume sales. High drink prices at the venue gained widespread attention when a customer posted a drinks receipt on X.com in May of last year, which quickly accumulated 85,000 views, according to reporting by Gordon Deegan.
The viral receipt showed a single pint of Guinness costing €10.45. The bill included a printed note from management stating that “all prices include live music and cover charge” alongside 23 percent VAT and excise duty tax.
Did you know?
Hillbreak Ltd was incorporated in May 2022 as an investment holding entity for a group of companies involved in licensed vetting, hotels, retail, restaurants, and property rental. The group counts Temple Inns Ltd, the direct operator of The Temple Bar pub, among its subsidiaries.
Balance Sheet Strength and Hotel Development
At the close of October, group shareholder funds totaled €46.35m, which included a share premium account of €22.2m, accumulated profits of €24.35 million, and cash funds totaling €24 million. Director pay remained capped at €300,000 for the year.
Beyond the pub trade, the broader business footprint continues to expand. In May of this year, Dublin City Council granted planning permission to Mr. Cleary’s Chambers Properties Ltd for a 43-bedroom hotel facing onto Dame Street and Eustace Street in Temple Bar, according to company disclosures.
Frequently Asked Questions
Who owns The Temple Bar pub?
The Temple Bar pub is operated by Temple Inns Ltd, which is a subsidiary of Tom Cleary’s investment holding company, Hillbreak Ltd.
What were the pre-tax profits for Hillbreak Ltd last year?
According to filed consolidated accounts, Hillbreak Ltd reported pre-tax profits of €9.61 million for the 12 months leading up to the end of October.
Why are drinks prices so high at The Temple Bar?
Management notes on venue receipts indicate that listed prices include a cover charge for live music, alongside standard 23 percent VAT and excise duty taxes.
Want to stay informed on the latest business developments and hospitality sector trends in Ireland? Subscribe to our daily newsletter or drop a comment below to share your thoughts on rising pub prices.