Publican Charlie Chawke has stated that he likely can’t afford to retire despite increased profits at two of his nine bars, recently released accounts show.
Mr. Chawke, 65 in June, also revealed that the Orchard Inn pub – bought for a record-breaking €99m in 2005 – is probably worth half that amount today.
Accounts filed recently for Goat Bar and Grill in Goatstown and the Bank on College Green in Dublin show that both establishments increased their profits in 2013.
Goat Bar and Grill operator Charjon Investments has accumulated profits amounting to €1.55m to the year end March 2013, an increase of €97,117 over the previous period.
College Inns Ltd, which operates the Bank in Dublin, show a €124,601 increase in accumulated profits to €384,326 in the year to the end of April 2013, with a total cash pile of €645,507.
As part of the filings, Mr. Chawke said that his overall pub group experienced a 10% increase in revenues. In total there are 400 people employed across all his establishments.
However, as a result of repayments to the Orchard Inn pub, currently running at €500,000 per annum, Mr. Chawke claims he cannot afford to retire. “It is my name on the bank loans,” he said.