Dublin businessman Richard Quirke’s casino and arcade business is facing an interest bill of €2.19 million on overdue tax. This is in addition to the €1.59 million accrued in the four years prior. According to the directors’ statement, the company is under Revenue investigation, with additional liabilities and interest accounted for, but no provision made for potential penalties.
Owned by 76-year-old Quirke, the business saw its revenues skyrocket five-fold to €7.57 million in the year to June 2021 as it recovered from the Covid-19 shutdown. This helped to reduce pre-tax losses from €14.06 million to €924,656, with the prior year’s losses inflated by a €8.46 million investment property write-down. In response to the alleged €2.56 million fraud uncovered in December 2020, the firm hired external forensic consultants and implemented an extensive programme of governance and operational improvements.
This included the appointment of Quirke’s daughter-in-law Rosanna Davison’s husband, Wesley Quirke, to the board of the family business. Last year, pay to directors increased from €53,250 to €489,725, while the number of employees rose from 56 to 64, with staff costs increasing to €4.34 million.
The company’s cash funds rose from €3.2 million to €4.22 million, with €14.67 million in accumulated profits and €1.4 million in non-cash depreciation costs. In reference to the potential impact of the Ukraine war on business, the directors stated that “the company is in a strong financial position to withstand potential future challenges in this context”.
