House owners took €19.8m revenue hit in 2020
The hospitality group behind Belfast’s House hotel, bar and restaurant took a €19.68m revenue blow in a pandemic hit 2020.
NolaClan, which also owns House venues on Dublin’s Leeson Street and in Limerick, as well as a a host of other bars, clubs and restaurants throughout Ireland, saw its revenues fall by 82% from €23.96m to €4.28m as a result of Covid-19.
New accounts show that the group, owned by entrepreneurs Alan Clancy and Gerald Conlan, sustained a pre-tax loss of €5m in 2020 on the back of enforced shutdowns.
The €5m pre-tax loss for 2020 followed a pre-tax loss of €1.69m for 2019.
The directors state that the loss for 2020 “includes a significant investment in resources to support all venues during the Covid-19 pandemic.” They add that “however, with the ongoing support from shareholders, we are confident the group will return to profitability once normal trading conditions in the hospitality sector resume.” The directors state that future sales growth in the group will be driven by increased late-night bar sales once normal trading conditions resume.
The directors stated that during Covid-19 impact on business, all discretionary spend was eliminated and all overheads eliminated, with all non-committed capital expenditure cancelled or postponed.
Numbers employed during 2020 were cut from 378 to 139 and staff costs fell from €7.1m to €2.27m.
The two directors’ pay was slashed by 79% from €412,363 to €87,212.
NolaClan received €1m in Government grants during the year.
