O’Dwyer brothers reduce pre-tax losses

Toji Holdings, the company behind Break For The Border, the Dragon Bar, the Grafton Capital Hotel and the Trinity Capital Hotel, posted pre-tax losses of €6.4 million in the year to 26th September 2010, down 59 per cent from €15.6 million in 2009.

At €24.2 million, turnover for the year down 25 per cent from 2009’s €32.4 million figure.

The turnover figure also includes income of €2 million (down from €2.5 million in 2009) from a waste management operation.
The company, owned by the O’Dwyer brothers Liam and Des (formerly of Café en Seine/The George and Howl at the Moon fame now in Receivership), even managed to make a small Operating Profit of just under €300,000 during the year compared to an Operating Loss of €1.9 million the previous year.

The company also reduced its interest payments on loans and overdrafts from €7.2 million to €6.7 million.

If the waste management operation is factored out, the hotels, restaurants and pub business derived an income of €22.2 million, down from 2009’s €29.9 million.

The company also reduced its staff numbers from 334 to 322 and its staff costs from €7.9 million to €7.6 million during the year but still owes some €113.8 million to the banks, up from 2009’s €109.8 million.