In 2023, pre-tax profits for The Mercantile Group, which operates Cafe en Seine and The George in Dublin, fell by 56.5pc to €2.07m, despite an increase in revenues from €34.76m to €35.55m.
The group made strategic property acquisitions in Dublin totaling €12.3m and is currently undergoing redevelopment at the Mercantile Bar and Hotel, set to reopen in 2025.
Rising interest payments nearly doubled from €1.1m to €2.1m, while government grant funding decreased sharply from €2.38m in 2022 to €49,823 in 2023, contributing to the profit decline.
The number of employees grew from 379 to 388, while total staff costs reduced from €12.94m to €12.42m, with the group maintaining shareholder funds of €19m at the end of December 2023.
