Accumulated losses at the company that operates Conor McGregor’s Black Forge Inn pub and restaurant in Crumlin in Dublin 12 have climbed to €2 million.
New accounts filed by McGregor’s Jemi Ventures Ltd show that the company last year recorded post-tax losses of €432,575 and the losses were down sharply on the Covid-19 related losses of €1.13 million in 2020.
The business sustained previous COVID-19-related losses of €441,649 in 2020.
The Black Forge business last year reduced its post-tax losses by 62 per cent to €432,575 as it enjoyed an improved performance recovering from the Covid-19 shutdowns of 2021 and 2020.
The 2022 loss takes account of hefty non-cash depreciation costs of €542,373 and the firm recorded a trading profit of €109,798 before depreciation costs are taken into account.
The €432,575 loss last year resulted in accumulated losses rising from €1.578 million to €2.01 million.
The MMA fighter acquired the Crumlin pub in 2020 and such losses sustained would not be unusual during the investment and start-up phase of a new business.
Numbers employed at the company remained at 46 for last year and a note attached to the accounts states that the premises only opened to the public on July 26th 2021 "when Covid rules allowed indoor dining but at a reduced capacity".
The note states that “the company did not receive any State assistance through grants or aid throughout the financial period”.
The further 2022 investment in the pub included €603,268 put on the value of fixtures and fittings and buildings.
Future upgrade works
Jemi Ventures Ltd continues to invest in the business, and it currently has a planning application before Dublin City Council for upgrade works at the pub.
The Black Forge website declares that the Black Forge will "lead the way in entertainment in Dublin Twelve including concerts, sporting events and exclusive experiences" stating “our owner is keen to keep his people entertained, and that is our commitment”.
The accounts - signed off on November 2nd - filed by Jemi Ventures Ltd put a book value of €4.39 million on the pub building and tangible assets at the end of last year.
Buildings owned by the company had a book value of €2.02 million while fixtures and fittings were valued at €2.19 million.
The company’s cash funds last year increased from €28,987 to €139,503. The amount the firm owes to related companies last year increased from €746,443 to €2.78 million.
The firm had a separate loan totalling €4.11 million to another creditor which was down on the €5.33 million owed at the end of 2021.
On the business’s ‘going concern’ status, a note attached to the accounts states that the directors have considered the company’s business prospects and all relevant aspects of the company’s financial position, including its ability to generate positive cash flow and/or obtaining additional funding that may be required.
The note states that “on that basis, the directors are satisfied that the going concern basis is appropriate”.
Mr McGregor has deep pockets to fund such a venture.
According to figures from Forbes, McGregor was ranked 35th in its 2022 top highest-earning athlete rankings earning $43 million (€39.1 million) over a 12-month period before dropping off the list in 2023.
By Gordon Deegan
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