One of the country’s most famous nightclubs, Copper Face Jacks, suffered a cumulative drop in sales of €20.7 million over the two years of the pandemic.
New accounts show that the nightclub’s company, Breanagh Catering, generated an average daily nightclub revenue of €26,721 last year.
Covid-19 restrictions meant Copper Face Jacks was only allowed to open on 51 days in the 12 months to the end of January this year.
Cathal and Paula Jackson’s Breanagh Catering accounts show it had nightclub revenues of €1.33million last year.
The Jackson Court Hotel on Dublin’s Harcourt Street is home to Copper Face Jacks. Breanagh Catering recorded a further €63,632 in accommodation sales.
The nightclub reopened to much fanfare on October 22 last year after being closed for 18 months due to Covid-19.
However, with the proliferation of the Omicron variant, it was forced to close its doors again in early December before reopening full-time from January 27 of this year.
The company posted sales of €1.39m last year, meaning it saw sales plummet by around €10.2m from pre-Covid sales of €11.6m. This followed a €10.5 million slump in sales in the first year of the pandemic.
The Covid-19 shutdown resulted in a pre-tax loss of €522,782 last year, which was around €990,000 below the pre-tax loss of €1.51 million in the previous year.
Directors state that the fiscal year that ended in January this year was “a very challenging time with the business being completely closed for 10 months of the fiscal year”.
On a positive note, the directors say they have now fully reopened the nightclub in accordance with government guidelines and are “looking forward to the future”.
The number of employees in the company more than halved last year from 80 to 36, and personnel costs fell from €1.99 million to €1.72 million. Before Covid, the total number of employees was 173.
Directors’ salaries reduced from €381,393 to €254,832.
Last year, the company received “other operating income” of €789,239.
The loss includes non-cash depreciation expense of €707,682.
It recorded an after-tax loss of €333,487 after posting a corporate tax profit of €189,295.
At the end of January 2022, the company’s accumulated funds totaled €10.32 million. His cash balance rose sharply from €122,269 to €1.17 million.
Mr Jackson founded Copper Face Jacks in February 1996 and put the company up for sale in March 2019, with industry sources speculating at the time that the company could bring in €40 million.
However, employees were told in a company memo in November 2019 that it was no longer for sale as Mr Jackson had “determined to remain actively involved in the business”.
https://www.independent.ie/irish-news/copper-face-jacks-sustained-revenue-hit-of-207m-during-the-two-years-of-the-pandemic-42206133.html Copper Face Jacks suffered a €20.7 million slump in sales over the two years of the pandemic