Gay marriage vote profile helps the George cash in

The George opened in 1985

Gordon Deegan

The increased profile enjoyed by Ireland's best-known gay night-time venue as a result of the 2015 Marriage Equality Referendum has contributed to profits soaring by more than €700,000.

In May 2015, the iconic venue on Dublin's South West George's Street was the focus of scenes of celebration as the referendum received an overwhelming endorsement from the Irish public.

Now, accounts filed by Tabulatum Management Ltd that operates The George show accumulated profits increased from €862,768 to €1.56m in the 12 months to the end of December 2016.

The profits last year follow profits of €691,227 in 2015

Numbers employed at the pub and nightclub venue increased from 33 to 35 during the year with staff costs totalling €847,800.

The George opened in 1985, eight years before homosexuality was legalised in Ireland.

The bar's website boasts that it is the first port of call for young gay people in Ireland and has been the lynchpin that holds Dublin's gay scene together.

The firm's shareholder funds at the end of 2016 totalled €3.34m.

This arose from a revaluation reserve of €1.78m and accumulated profits of €1.56m. The company's cash pile during the year more than doubled -going from €310,812 to €712,752.

The accounts place a value of €6.9m on its tangible assets. At the end of 2016, the firm owed €4m to creditors. The amount owed to the firm by debtors in 2015 totalled €135,759.

The firm is a subsidiary of Ardan Advisory Ltd while its ultimate parent is US-based JT Magen (Capital Bars) LLC.

Separate accounts show that 2016 was a lucrative for another well-known gay venue, Panti Bar as accumulated profits increased from €233,717 to €274,254.

The increase in profits at Panty Bar Ltd follow profits of €173,400 in 2015 and €82,290 in 2014.

The company is co-owned by Rory O'Neill, aka Panti Bliss. Its cash pile last year declined from €143,679 to €85,749. The company's staff costs last year increased from €371,441 to €405,520.

The company's tangible assets at the end of December last had a book value of €257,638.