Covid Hit Fitzgerald Revenues
The Louis FitzGerald pub and hotel group last year sustained a €37 million reduction in revenues due to the Covid-19 pandemic impact on the hospitality industry.
Accounts lodged by the group’s holding company, Burtse Ltd, show that the business recorded a pretax loss of €306,598 in the 12 months to the end of June last. Over the 12 months, revenues reduced by 70 per cent from €53 million to €16 million. In its 2019 fiscal year prior to Covid, the group had revenues of €71.39 million.
Government restrictions resulted in the closure of the group’s pubs for much of the year and the group received Government Covid-19 grants of €5.72 million.
A note with the accounts said the current situation was dynamic and there were “continuous uncertainties surrounding the duration of the pandemic, future disruptions to the hospitality industry and the industry’s speed of recovery”.
The accounts noted the group was “in a strong financial position to withstand potential future challenges in this context”.
The group’s businesses include well-known Dublin city centre pubs the Stag’s Head, Kehoe’s, Bruxelles, The Gin Palace, Grand Central and Quays Temple Bar.
The group also operates An Poitín Stil, The Laurels, Palmerstown House, The Roost, Annie May’s, Carroll’s, The Arlington Hotel and The Louis Fitzgerald Hotel.