Pretax profits at the firm behind the restaurant/accommodation business operated by one of Ireland’s best known chefs, Neven Maguire, last year more than doubled to €105,840.
A regular on TV and radio, Mr Maguire operates MacNean Restaurant and guest house at Blacklion in Co Cavan with his wife, Amelda.
Accounts for the firm behind the business, Lucon Ltd, show that it recorded pretax profits of €105,840 for 2023 which is a 105 per cent increase on the pretax profits of €51,253 for 2022.
The 2023 pretax profit last year takes account of combined non-cash depreciation and amortisation costs of €227,751.
At the end of December last, Lucon Ltd had cash funds of €2.1 million.
The business is jointly owned by Amelda and Neven Maguire and the reduction in profits coincided with the numbers employed declining from 62 to 59, made up of 57 in “administration” and two directors.
The main activity of Lucon Ltd is the management and co-ordination of the operations of a restaurant and accommodation business and the company achieved the doubling of profits despite ‘other operating income’ declining by €101,437 from €221,437 to €120,000 in 2023.
The “other operating income” comprised management fee income of €120,000 while in the prior year, it was mainly made up of Employer Wage Subsidy Scheme (EWSS) payments of €219,655.
The accounts – signed off on August 13th – show that the firm last year recorded post tax profits of €64,465 after paying €41,375 in corporation tax.
At the end of December last, the firm was sitting on accumulated funds of €276,914.
Directors’ pay decreased from €129,780 to €113,780.
A connected firm, HCM Productions Ltd, is 100 per cent owned by Amelda Maguire has yet to file accounts for 2023. The most recent accounts show that it recorded pretax profits of €490,687 for 2022 and this was a 26 per cent increase on the pretax profits of €388,347 in 2021.
The principal activities of HCM Productions Ltd are to manage and co-ordinate the operation of a cookery school and associated public relations, demonstrations and media activities of the cookery school.
Mr Maguire has published 19 cookery books while he also has a range of products on sale in Dunnes Stores.
- Sign up for Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
