Company behind popular Galway city pub doubles cash pile to over €200,000

The company behind a popular pub in Galway’s West End nearly doubled its cash pile to over €200,000 last year, according to newly filed accounts.

Fat Kev’s Bar Limited, which operates Massimo on William Street West, recorded accumulated profits of €175,337 during the 12 months to the end of last November, the accounts show.

The directors of the company are Simon Heaslip, Kevin Healy, and Malachy Duggan, who own the firm through an intermediary company, Dawn Bay Limited.

Directors’ pay increased from €71,900 to €89,200 last year, while a further €15,000 in pension contributions were made on their behalf, bringing total boardroom remuneration to €104,200.

The company employed an average of 20 people during the financial period, with aggregate payroll costs rising from €440,888 to €469,670.

Fat Kev’s Bar Limited recorded a modest profit of €1,123 during the 12 months, while its cash balance surged from €106,959 to €206,273 during the same period.

The value of the company’s fixed assets fell from €176,382 to €138,474, driven by depreciation charges of €26,442 and disposals of fixtures, fittings, and equipment with an original cost of €32,750.

Net book value on leasehold improvements stood at €80,716, down from €86,132, while fixtures, fittings, and equipment finished the year at €57,758 compared to €90,250 a year earlier. The company also added €12,827 in new tangible assets during the period.

Fat Kev’s Bar Limited held total current assets of €311,762 at the end of last November, up from €192,973 the previous year. Alongside its cash reserves, this included bar stock valued at €25,001, compared to €28,991 in 2024, and debtors of €80,488, up from €57,023.

The debtors figure included €16,657 owed by trade debtors, a rental deposit of €17,500, prepayments of €22,326, other debtors of €22,320, and loans of €1,602 to Dawnbay Limited and €83 to Theocrest Limited – the firm behind the Galway Comedy Festival.

Amounts owed to creditors falling due within one year rose from €195,134 to €274,892. This included €73,986 owed to trade creditors, up from €66,893, and €78,367 in accruals and deferred income, up from €27,831.

The balance owed on the directors’ current account more than doubled from €36,431 to €77,277. The business also owed €11,778 to The Róisín Dubh Pub Limited, having cleared an earlier loan of €16,520 owed to Dawnbay Limited. Its tax liability included €24,250 in VAT, €5,793 in PAYE and PRSI, and €1,113 in corporation tax.

The firm held no long-term creditors falling due after more than one year. The boost in liquidity swung the company’s net current assets back into positive territory at €36,870, recovering from net current liabilities of €2,161 in the previous financial year.

Overall net assets and total shareholders’ funds finished the year at €175,344, compared to €174,221 at the end of November 2024.