Celebrity chef Richard Corrigan sees restaurants return to profit after closure of Park Cafe

Celebrity chef, Richard Corrigan’s restaurant group returned to profit last year after his decision to close his loss-making Dublin restaurant, Park Café.

Richard Corrigan Restaurants (Holdings) Ltd recorded a profit after tax of £752,842 (€863,068) in 2024 followed a net loss of £1.08 million in 2023 – a positive swing of £1.83 million (€2.1 million).

The return to profit came even as group revenues fell 10 per cent from £16.39 million to £14.97 million.

The chief factor behind both those figures was Mr Corrigan’s decision to close his loss-making Park Café restaurant in Ballsbridge in Dublin at the end of 2023 just over a year after it had opened.

The Dublin restaurant had recorded losses of £1.36 million in 2023. Directors said previously that “despite the business getting excellent national food reviews and gaining a strong following, the timing of the project coupled with the economic issues and the challenging location meant it was not viable to continue”.

The Park Café recorded revenues of £1.8 million in 2023.

In an interview before the restaurant opened in November 2022, Mr Corrigan said he was ploughing €2.7 million into the venture, commenting “you can’t run a business these days on a half-cocked idea of what it would be. We are talking new kitchens, new everything”.

The Corrigan Collection includes a number of successful London restaurants – including Corrigan’s of Mayfair, Bentley’s Oyster Bar and Grill, Daffodil Mulligan, Gibney’s London – as well as the Virginia Park Lodge and gastropub venture with rooms and the Deer Park Inn in Co Cavan.

The accounts show that Irish revenues fell by 27 per cent to £4.9 million from £6.8 million last year following the closure of Park Café while UK revenues were 2 per cent higher at £9.8 million.

“2024 was a challenging year for the wider sector, shaped by sustained inflationary pressures, fluctuating consumer confidence, and elevated labour costs,” Mr Corrigan and his directors said in their report with the accounts.

“Against this backdrop, the group delivered resilient performance, with revenues broadly stable and strong trading across our core London sites offsetting some softness in the Irish market.

“The board is confident that the Corrigan Collection remains well placed to navigate a challenging market environment, underpinned by strong brands, a loyal customer base, and a leadership team committed to sustainable growth,” the directors state.

The 2024 profits take account of non-cash depreciation charges of £473,487 and operating lease charges of £966,913.

Numbers employed in the group were down from 267 to 204 with staff costs being reduced to £5.76 million from £7.15 million. Directors’ pay, including pension contributions, totalled £478,909.