The Ireland Revenue Commissioners have launched an investigation against a Dublin-based gambling business whose interest bill on overdue taxes has now reached a whopping €2.19 million. Dublin Pool and Juke Box Limited is a long-standing casino and arcade company owned by Richard Quirke, one of the wealthiest businessmen on the Emerald Isle. New accounts for the Dublin-based company indicate that its interest on overdue taxes amounted to a little over €602,000 in 2022. The firm has racked up a cumulative bill amounting to €1.59 million over the previous four years, which brings its overall interest on overdue taxes to a total of €2.19 million. The accounts were accompanied by a note which stated that Quirke’s company was currently being investigated by the Revenue Commissioners.
The note additionally explained that the company’s management had provided for additional interest and liabilities but had failed to factor in the costs of any potential fiscal penalties the firm might incur. According to the new accounts, Mr Quirke’s casino and arcade business started to recover from its pandemic-related closure and generated €7.57 million in revenue last year, which corresponds to a five-fold increase. As a result of this substantial revenue growth, the company’s pre-tax losses were reduced from €14.06 million to €924,656 for the twelve months ending in June 2022. Quirke’s business reported higher pre-tax losses in the previous year after suffering an €8.46 million non-cash loss resulting from the write down of an investment property.
The Company Underwent Extensive Restructuring at All Levels
The company was additionally recovering from a fraud that allegedly cost it €2.56 million. Quirke and a fellow director found out about the fraud in late 2020 and hired an external forensic consulting firm to investigate the matter. The external forensic consultants established that the firm had unpaid taxes and interest liabilities which have been accumulating in its accounts. Following the external investigation, the firm underwent various operational improvements and extensive restructuring at all levels, with Richard Quirke’s son Wesley (pictured above) being appointed to the company’s board last November. Quirke Junior, Debbie Lawrence, and other directors signed the firm’s new accounts in late April 2023.
Said accounts indicated that expenses associated with director salaries had increased dramatically from €53,250 to nearly half a million (€489,725). The accounts contain references to the war in Ukraine and its potential effect on revenue. Said references suggested that the business is in a solid enough financial position to hold against any financial challenges resulting from the conflict. Dublin Pool and Juke Box Limited sustained operating losses of €322,605 last year before the €602,051 in interest payments were factored in. The cash funds of the company grew to €4.22 million from €3.2 million. The number of employees jumped from 56 to 64, with salary expenses dramatically increasing by €2.44 million. The potential outcome of the Revenue investigation against Quirke’s business remains uncertain for the time being.
- Author
Olivia Cole
