The group that operates the Oliver St John Gogarty bar and Blooms Hotel in Temple Bar saw profits jump 78 per cent in the year to the end of February 2015, newly-filed accounts show.

The Martin Keane-controlled Drayton House Holdings posted pretax profits of €3.11 million for the 12 months, up from €1.75 million a year earlier.

Drayton House

Mr Keane, who along with his wife Vera and daughter Martina control Drayton House, is also behind a €90 million redevelopment of Dublin’s historic Iveagh Markets that is due to start shortly. According to Drayton’s latest accounts, turnover at the group rose slightly with revenues increasing from €12.2 million to €12.9 million.

Operating profit totalled €3.1 million as against €1.8 million a year earlier.

The number of employees edged up to 107 from 104, but staff costs, including wages and salaries, fell from €3.68 million to €2.73 million.

According to the accounts, as of February 28th, 2015, legal title for Iveagh Markets had not yet been transferred from Dublin Corporation to Drayton, meaning its only financial commitment as of that time was a deposit of €1.77 million.

Work on the redevelopment of the Iveagh Markets is due to get under way shortly more than 20 years after its regeneration was first proposed.

Restored

The project is expected to be completed next year.

The restored and extended late Victorian building on Francis Street in the Liberties is to house a food market, a craft and clothing market, restaurants, a brewery and distillery and an exhibition/performance area. Adjoining protected structures will be converted into a 97-bedroom hotel.