The restaurant business operated by one of Ireland's best-known chefs, Neven Maguire returned to profit last year recording pre-tax profits of €499,901.
New accounts for the TV chef's MacNean Restaurant and guesthouse at Blacklion in Co Cavan show that the pre-tax profits of €499,901 last year followed pre-tax losses of €209,227 in 2020 when the pandemic forced the closure of the business for much of that year.
The buoyant year enjoyed by Lucon Ltd last year contributed to cash funds more than doubling from €947,876 to €2.13 million.
The profit last year takes account of combined non-cash depreciation and amortisation costs of €207,204.
The business is controlled by Amelda Maguire and Neven Maguire and numbers employed last year increased by three to 47.
A regular on TV and radio, Mr Maguire recently confirmed that he will closing his restaurant for two weeks over the Christmas and New Year period so that staff can enjoy the festive season.
This follows his move in September to close the restaurant on Sundays and to reduce sittings and Mr Maguire in a press interview earlier this month said that you have to invest in your staff and make sure they're happy.
"We used to do 90 to 100 sittings [a night] now we do 60 guests, so we've made some good calls, we feel it's the right thing to do," he said.
The firm last year recorded post tax profits of €422,309 after paying €77,512 in corporation tax.
At the end of December last, the firm was sitting on accumulated funds of €198,194.
The business last year benefited from various Covid-19 related grants and supports totalling €834,973 and they were made up of the Employer Wage Support Scheme (EWSS) of €687,338, Covid Restrictions Support Scheme (CRSS) of €130,483 and Failte Ireland grants of €17,152
Addressing the business's going concern status, a note attached to the accounts states that the directors have prepared budgets and cash flows for a period of at least twelve months from the date of the approval of the financial statements which demonstrate that the company will be in a position to meet its liabilities as they fall due.
Reporting by Gordon Deegan
