Porterhouse Revenue Drops Following Brewery Sale to Conor McGregor

The Porterhouse hospitality group recorded a revenue decrease of €1.85 million during the most recent financial period following the divestment of its brewing operations to mixed martial arts entrepreneur Conor McGregor.

Financial statements for Wavecrest Inn Ltd, the entity operating Lost Lane off Dublin’s Grafton Street, show that revenues fell 6 per cent, dropping from €28.63 million to €26.77 million in the 12 months ending February 2025.

Despite the decline in overall revenue, the group returned to a pre-tax profit of €511,244. This recovery follows a pre-tax loss of €2.7 million in the previous period, which was primarily driven by an exceptional cost of €2.55 million.

Impact of Brewery Divestment

The Porterhouse group completed the sale of its brewery to Mr. McGregor in 2023. Elliot Hughes, a director at the Porterhouse Group, stated that the sale of the brewery was the primary reason for the overall reduction in revenue.

According to Mr. Hughes, the brewery typically contributed between €3 million and €4 million per annum during a normal year, although those figures had fluctuated prior to the 2023 sale.

The consolidated accounts for Wavecrest Inn Ltd encompass the group’s operations across several locations, including its London pub and its Dublin bars: Tapped, Hartys and Porterhouse Temple Bar.

Operational Performance and Product Trends

Mr. Hughes reported that business performance has remained positive, noting growth in both food and drink sales across the group’s bars, a trend that continued into recent months.

The group’s strongest performing products include Guinness, the company’s own beers, and Dingle gin and vodka. Mr. Hughes attributed the improved performance of Dingle gin and vodka to a recovery in the group’s late-night business.

Non-alcoholic beverage sales currently account for approximately 2 to 3 per cent of total drinks sales, a segment that the director noted is continuing to grow.

Industry Challenges

While the group returned to profitability, Mr. Hughes identified significant pressures stemming from rising operational costs. Specifically, he cited the increasing costs of staffing as a primary challenge.

• Minimum wage increases
• Pension enrolment
• Sick pay requirements

Mr. Hughes stated that these factors have placed significant pressure on the Porterhouse Group and other businesses within the sector.

business has been good for us. We have seen growth within our bars across both drink and food, and that continued over recent months as well.

Elliot Hughes, Director at Porterhouse Group