Pub group Ocsas loses €4.5m in year

THE PUB group run by Louis and Helen Fitzgerald made a pre-tax loss of €4.57 million in the year to the end of June 2009, according to accounts just filed. Ocsas made a pre-tax profit of €213,680 the previous year.

The accounts for Ocsas Holdings Ltd show that in December 2009 new shares were issued in the ultimate holding company, Cregagh Investment Company. Filings for the latter company show the shares were issued to other members of the Fitzgerald family.

Turnover for the group fell to €64.9 million from €68 million the previous year. Interest payments leapt to €5.8 million from €503,778 the previous year.

The total recognised loss for the year was €7.29 million when a minority interest loss of €2.79 million was added to the pre-tax loss for the year.

Ocsas is the direct owner of a large number of subsidiary companies in the pub, hotel, investment and property sectors.

The group balance sheet shows tangible assets of €175 million, down from €178 million. Net assets are €82 million, up from €74 million the previous year.

The directors in their notes to the accounts state that despite the difficult economic climate, actions taken to reduce costs and develop new marketing strategies will ensure the business will continue to be profitable.

“This will also ensure that when the current economic climate improves we will be in a strong position to take immediate advantage of improved circumstances.”

The accounts say the group profits from the quality of its staff while the relatively low staff turnover reflects the good terms and conditions it offers.

Directors’ remuneration was €8.64 million, down from €10.8 million the previous year. The comparable figures for pension payments were €6,430 and €110,000.

During the year, the average number of people employed was 644, compared to 613 the previous year. Total employment costs were €15.96 million (€16.48 million previously). Bank loans at year’s end were slightly less than €100 million.

The accounts show the group banks with Anglo Irish, Ulster Bank and AIB. The accounts show the group’s revaluation reserves figure (€34.38 million) remained unchanged from the 2007 figure. The group recorded a pre-tax profit of €9.2 million in the year to June 2007.

The group owns Kehoe’s in Dublin, the Quays in Galway and many other pub premises.