Directors express confidence over Iveagh Markets development
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The directors of the Martin Keane-controlled hospitality group have stated that they are confident that the company will be able to proceed with the redevelopment of the Iveagh Markets in Dublin.
The directors, Martin Keane, Martina Keane and Vera Keane address the long-running saga concerning the market in new group accounts which show that revenues this year at Drayton House Holdings Ltd increased by 25% from €10.5m to €13.11m.
The group operates the Oliver St John Gogarty pub in Dublin’s Temple Bar and pre-tax profits in the 12 months to the end of February this year decreased by 78% to €3.3m. However, the €14.99m pre-tax profit for the prior year was skewed by a €11.3m non-cash property gain.
The directors say that “future objectives are for an improvement in profitability and further expansion of the group”. The group recorded post-tax profits of €2.76m after incurring a corporation tax charge of €535,464.
Numbers employed by the group increased from 66 to 80 as staff costs rose from €2.26m to €3.15m. The profit this year takes account of non-cash depreciation costs of €381,877.
On the Iveagh Markets saga, the directors state that a subsidiary company within the group structure entered into an agreement with Dublin City Council to redevelop The Iveagh Markets, Francis Street, Dublin 8.
They say that “a number of legal and title issues relating to the premises and site have been ongoing since the agreement was entered into and these legal and title issues have still not been fully resolved”.
The directors state that in December 2020, a third party entered the property and took possession of it and Dublin City Council did not issue proceedings to protect its purported title to the property.
Th directors believe that this action was illegal and the subsidiary company “are seeking legal redress from Dublin City Council and from the third party to correct this situation”.
They say that they are confident that the companies’ legal action will be successful and the company will be able to proceed with redevelopment of the site.
The directors further state that at the date of signing the statements on December 19, the title to the property and the company's contractual arrangements with Dublin City Council are the subject of High Court proceedings.
They say: “Title will not be assured until the ongoing legal matters are resolved.” At the end of February last, the group had a strong balance sheet with accumulated profits of €72.2m. The group's cash increased from €16.08m to €19.13m.
Pay to directors, Martin, Martina and Vera Keane last year increased from €262,800 to €493,590.