Breaking: Ex-Irish Rugby Stars’ Pub Empire Profits Surge 90% to €983K; McSorley’s Contributes €321K 🏉🍺 The former Ireland rugby stars’ pub group, which includes Jamie Heaslip, Sean O’Brien, Dave Kearney, and Rob Kearney, saw its pre-tax profits soar by 90% to €983,426 this year. The group expanded with the purchase of McSorley’s Ranelagh for €5.5m, which became the most profitable bar with post-tax profits of €321,528.
Irish Rugby Legends’ Pub Empire Booms: Profits Up 90% to €983K
lsx+Knowledge. A group of former Irish rugby stars has seen a meteoric rise in their pub business, with pre-tax profits surging by 90 per cent to €983,426 this year.
Who’s Behind the Bar?
Jamie Heaslip, Sean O’Brien, Dave Kearney, and Rob Kearney, all erstwhile internationals, serve as minority shareholders and directors in four Dublin pubs: Lemon & Duke, Bridge 1859, The Blackrock, and McSorley’s. Publican Noel Anderson holds the majority stake in the Grand Slam Bars group.
McSorley’s: The Standout Star
The 2021 acquisition of McSorley’s in Ranelagh has proven to be a game-changer. Last year, it contributed handsomely to the group’s profits, leading with post-tax earnings of €321,528. The Bridge 1859 and Lemon & Duke followed closely with profits of €210,014 and €208,234 respectively, while The Blackrock clocked in €40,496.
Revenue and Expenses: The Stats Stack Up
The group’s total revenue grew by 20 per cent to €11.27 million, with drink sales surging by 27 per cent to €7.29 million. Food sales were steady, rising by 7 per cent, and even tea and coffee sales more than tripled.
Staff costs increased in tandem, rising by 9.5 per cent to €4.13 million, reflecting the group’s expansion from 137 to 153 employees.
Investment and Ambassadors: Worth Their Salt?
Tangible assets worth €6.13 million were purchased during the year, with directors sharing ‘ambassador fees’ of €52,000. This marks an increase of €12,000 from the previous year, hinting at the increased visibility and influence of the rugby legends.
Risks and Opportunities: Coping With Costs
The directors acknowledged increasing costs as a risk, but their confidence in managing these costs suggests a keen eye on operational efficiency and perhaps further investments in technology or marketing to drive growth.
FAQ: Quenching Thirst for Knowledge
- Q: Which pubs are part of the Grand Slam Bars group?
- A: Lemon & Duke, Bridge 1859, The Blackrock, and McSorley’s.
- Q: How much was spent on tangible assets last year?
- A: €6.13 million.
- Q: What are the major risks facing the business?
- A: The directors cited increasing costs as the primary risk but expressed confidence in their ability to manage them.
Did you know? The name ‘Grand Slam Bars’ is a nod to the rugby stars’ shared achievement of winning all four annual Home Nations’ championships in a single year – a Grand Slam.
Pro tip: Diversifying revenue streams, such as through increased food sales or events, can help mitigate risks associated with cost increases.
Looking Ahead: Trends to Watch
The rugby legends’ pub success story is set against a backdrop of changing consumer habits and stiff competition in the hospitality industry. Here’s what we’re watching:
- Sustainability: patio heaters and eco-friendly practices could become essential differentiators as sustainability concerns grow.
- Sports Bar Evolution: With the rise of streaming services, sports bars may need to evolve their offerings to stay relevant.
- Microbreweries and Craft Spirits: Consumers’ thirst for craft and local products could provide opportunities for collaboration and increased sales.
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