Profits fell by 90 per cent at celebrity chef Neven Maguire’s restaurant business last year. A regular on TV and radio here, Mr Maguire operates MacNean Restaurant and guesthouse at Blacklion in Co Cavan with his wife, Amelda.
New accounts for the firm behind the business, Lucon Ltd, show that it recorded pretax profits of €51,523 for 2022, down 90 per cent on the 2021 profit of €499,901.
The business is jointly owned by Amelda Maguire and Neven Maguire and the reduction in profits coincided with the numbers employed by the restaurant business increasing from 47 to 62.
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The main activity of Lucon is the management and co-ordination of the restaurant and associated accommodation business. Profits were skewed by a sharp fall in “other operating income” – from €834,973 in 2021 to €221,437 – last year. This came as employee wage subsidy scheme payments were cut to €219,655 from €687,338 a year earlier, while a restart grant of €130,483 received in 2021 did not reoccur.
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The figure also takes account of €221,498 in non-cash depreciation and amortisation costs.
A connected business, HCM Productions Ltd, which is 100 per cent owned by Amelda Maguire and employs only one person, was far more profitable. It recorded pretax profits of €490,687, up 26 per cent increase on the figure for 2021.
[ Neven Maguire’s Cavan venue rebounds with profit of €500,000 last yearOpens in new window ]
HCM manages and co-ordinates the operation of a cookery school and associated public relations, demonstrations and media activities. The Neven Maguire Cookery School – located beside MacNean restaurant – opened in 2014.
Mr Maguire has published 19 cookery books while he also has a popular Cook with Neven Maguire range at Dunnes Stores.
Combined cash funds at the two companies increased to €3.5 million.
