Wallace-owned bars saw profit rise by 84% last year

A chain of Italian-style wine bars and restaurants co-owned by Wexford TD Mick Wallace made a profit of almost €83,000 last year, more than doubling its cash pile to €130,000.

Wallace Calcio Limited boosted its annual profits by 84 per cent during the 12 months to the end of August 2018, slashing its accumulated losses to just €475 and increasing its shareholders funds by €105,436.

Mr Wallace owns a 40 per cent stake in the company, which operates wine bars including Asti on Russell Street, as well as Langhe and Taverna in Dublin’s Italian Quarter.

He set up Wallace Calcio Ltd with his son Sasha, in 2003. His niece, Tina Hurpur, and his former partner, Patricia Barry, own the remainder of the company's shares.

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The Independents 4 Change politician, who was elected to the European Parliament last month, was a director of the firm until resigning from the position in March 2016, when he was replaced by his son Fionn (35).

Sasha Wallace remained a director until March 2017. The current directors are listed as Andrea Savignano and Renato Papillo.

Cash balance

Newly filed accounts for Wallace Calcio Ltd show that it recorded a profit of €82,933 last year, compared to €45,171 in 2017. Its cash balance swelled from €60,347 to €130,455 during the same period.

The successful year enabled the firm to reduce accumulated losses from €83,408 to just €475 at the end of last August. However, it continued to owe creditors a total of €368,632.

The chain of wine bars and restaurants employed an average of 38 people during the financial year, compared to 42 during the previous period. These were paid wages and salaries totalling €1.2 million, reflecting a cut of eight per cent.

A former developer, Mr Wallace admitted in 2012 that he had knowingly made false declarations and had underpaid VAT to the tune of €1.4 million in respect of a separate company, M&J Wallace Limited.

Mr Wallace said that he did so to save his company and subsequently reached a settlement for €2.1 million with the Revenue Commissioners.

Wine bar

At the same time that he embarked on his wine-bar venture, Mr Wallace purchased a four-acre vineyard in the Piedmont region of Italy, which produces its own wines. He controversially sold the vineyard to his brother Joseph, in 2009, while he was engaged with Revenue over the underdeclaration of VAT.

Mr Wallace said that he transferred the €500,000 vineyard to his brother to settle an outstanding debt for building materials that he had provided to him on credit.