Sir John Fitzgerald reports £1.4m loss

North-east managed pub operator Sir John Fitzgerald (SJF) has reported a loss of £1,437,321 in the year to 31 January 2011 after incurring a £1.355m impairment charge on its freehold property.

The company reported a pre-tax profit of £1,232,210 in the previous 12 months, when exceptional items were far lower: £339k, due to restructuring costs.

Gross profit in the year to 31 January 2011 fell 4% to £11,430,619, according to its accounts published at Companies House.

Turnover dipped 1.9% to £18,564,874 for the company, which operates well-known Newcastle venues such as the Crown Posada near the Quayside, Bacchus on High Bridge, the Bodega on Westgate Road, and the Bridge, next to the High Level Bridge over the Tyne.

Directors' pay increased from £240,257 to £361,898, with payment for the highest paid director up from £239,500 to £353,565 (excluding pensions contributions). Staff costs increased by £35,021 to £7,036,414.

SJF roughly halved its debt from £3,253,736 to £1,874,555 over the period.

The company said: "We have considered the key business risks affecting the company and are satisfied we have done what we can to minimise the risk. In particular, and in light of the current commercial environment, the company has taken steps to substantially reduce its borrowings."

Dividends of £170,377 were paid in the period, the same as in the previous year.