Old Orchard owners report a pre-tax loss of €5.95m

THE group that the Old Orchard in Rathfarnham belongs to reported a pre-tax loss of €5.95m last year.

New consolidated accounts filed by Milltown Inns and subsidiaries for the Old Orchard and the Dropping Well pubs in Dublin and Aunty

Lena’s bar in Adare, Limerick, show it recorded the loss as a result of a non-cash writedown of €6.2m in the value of a freehold investment property.

The popular Orchard bar is owned by publican Charlie Chawke, and forms part of the Chawke portfolio, which also includes the Goat Grill,

the Lord Lucan, the Dropping Well and Searsons of Baggot Street.

Milltown Inn’s operating profits rose by 14pc from €897,192 to €1.02m before the writedown is taken into account.

Revenues dipped marginally from €11.3m to €11.13m in the 12 months to the end of October last.

The directors state that along with operating bars and restaurants, the group also own a number of investment properties.

According to the report, the group encountered several challenges that impacted overall profitability.

While the underlying business operations remained resilient, profitability was significantly affected by increased interest expenses.