Business

Bord Gáis Energy Theatre takes €7.9 million hit due to Covid-19 pandemic

Revenues at one of the country’s best known live entertainment venues, the Bord Gáis Energy Theatre in Dublin last year slumped by 74 per cent to €2.753 million due to the Covid-19 pandemic.

New accounts filed by Crownway Entertainment Ltd show that the theatre firm last year recorded a pre-tax loss of €2.15m following the sharp decline in revenues.

The pre-tax loss of €2.15 million for 2020 followed a pre-tax profit of €816,802 in 2019 – a negative swing of €2.96 million.

The theatre went ‘dark’ in March of last year due to Government Covid-19 restrictions and remained shut for the year and only re-opened for business two months ago in September.

Currently, the Book of Mormon is performing at the theatre and other upcoming events over the coming weeks and months include The Lion King, Les Miserables, Carmen, Tommy Fleming and Chicago.

Global music events and venue operator, Live Nation operates the 2,111-seat venue and the shut down of the business resulted in a €7.9m revenue hit for the Crownway firm in 2020.

Ticket sales and other revenue reduced by €5.88 million from €8.08 million to €2.2 million while food and beverage sales reduced by €2.06 million from €2.6 million to €549,879.

The €2.15 million pre-tax loss includes combined hefty non-cash depreciation and charges of €1.26 million along with interest payable and other charges of €526,674.

The accounts disclose that during 2020, the directors released cumulative interest of €3.24 million owed on shareholder loans to the profit and loss account as equity.

The €3.24 million in equity – offset by post tax losses of €2 million and dividends of €63,452 – resulted in the company’s accumulated profits increasing by €1.14 million to €1.37 million at the end of last year.

At the end of December last, the company had shareholder funds of €11.97 million. The company’s cash funds last year increased from €2.79 million to €7.58 million.

Staff numbers last year reduced from 44 to 35 and staff costs reduced from €1.84 million to €1.39 million.

The Bord Gais Energy Theatre company last year received €389,755 in Government Covid-19 grants made up of €257,200 in Temporary Wage Subsidy Scheme (TWSS) payments; €72,555 in Employment Wage Subsidy Scheme (EWSS) payments and Covid Restrictions Support Scheme of €60,000.

Crownway is a private family investment company owned by John and Bernie Gallagher

Source:

www.breakingnews.ie

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