Milltown Inns, the company operating ⁤three pubs owned by publican Charlie Chawke – including Dublin’s The Old Orchard and‍ the⁢ Dropping Well, and Aunty ⁣Lena’s in Adare, Co. Limerick – reported a pre-tax loss​ of €5.95 million for the last fiscal year. This loss, though, stems primarily from⁤ a notable​ non-cash write-down in ​property⁤ value, masking an underlying increase in operating performance.​ The Irish Times reported ‍on the financial results filed by the company.

Financial Performance Breakdown

The ‌accounts, filed for Milltown Inns and its subsidiaries, reveal a complex financial picture. While the pre-tax loss reached €5.95 million, this was largely due to a €6.2 million non-cash write-down⁣ affecting the value of‌ a freehold investment property. This write-down ⁤doesn’t represent an actual outflow of cash ⁤but rather a re-evaluation⁣ of the asset’s worth on the company’s balance⁢ sheet.

Despite the overall loss, the group demonstrated positive ​operational growth. Operating profits increased by 14 percent, rising from €897,192 to €1.02 million. Revenue ⁢also saw a slight decrease, falling from €14.82‍ million to ​€14.36 million.

Staffing and Costs

Milltown Inns increased its workforce from 169 to 176 employees. The⁢ breakdown​ of staff includes 169 in ‘bar and restaurant’ roles, five in