THE PUB, restaurant and hotel group run by Louis and Helen Fitzgerald recorded a €50.3 million pre-tax loss last year following a property write down of €53.3 million.

The group owns some of the best-known pubs in Ireland, including the Quays pubs in Temple Bar, Dublin, and Galway, along with the Stag’s Head, Kehoe’s pub and the Big Tree in Dublin.

In accounts just filed, Ocsas Holdings said revenues fell 12 per cent to €57 million from €64.94 million in the year to the end of June last. Despite the trading conditions and pressures on the licensed trade and hotel industry, directors said operating profits increased from €575,049 to €7.1 million. They said earnings before interest, taxation, depreciation and amortisation almost doubled to €13 million from €6.7 million.

The chief factor behind the increase in operating profit and Ebitda was the dramatic fall in remuneration of directors Louis and Helen Fitzgerald, which fell to €474,346 last year from €8.6 million a year earlier.

Pre-tax losses increased to €50.4 million from €4.5 million as a result of a €51.8 million impairment of fixed assets and a €1.5 million impairment of “work in progress”.

The directors said despite the difficult economic climate, the actions taken to reduce costs, introduce improved work practices and efficiencies, and develop new marketing strategies to generate extra business will ensure the business will continue to be profitable.

The number employed by the group last year fell from 722 to 665. The company had bank loans totalling €85.6 million along with €13.1 million owed to group companies.