O'Dwyer write-down contributed to €10m losses

A €4.6 MILLION write-down in assets at the O’Dwyer hotel and pub group contributed to pre-tax losses increasing by 57 per cent to €10 million last year.

The grouping of pubs the O’Dwyer brothers, Liam and Desmond, gathered together was broken up in 2009 when a bank receiver was appointed to three of their pubs, Café en Seine, The George and Howl at the Moon.

However, the O’Dwyers continue to operate Break for the Border, the Dragon Bar, and the Grafton Capital and the Trinity Capital hotels.

In accounts just filed by the O’Dwyers’ Toji Holdings Ltd with the Companies Office, they confirm that pre-tax losses increased from €6.3 million to €10 million in the 12 months to the end of September 2011.

The group sustained the loss in spite of revenues increasing by 4 per cent from €24.2 million to €25.2 million.

Interest payments totalling €6.74 million resulted in the group recording the pre-tax loss of €10 million. The group’s net debt increased by €4.8 million to €115.9 million last year.