Richard Corrigan’s Restaurant Empire Returns to Profitability After Strategic Restructuring

Introduction: A Celebrated Chef’s Business Turnaround

Richard Corrigan, the acclaimed Irish chef known for his pioneering work in British and Irish cuisine, has demonstrated that strategic business decisions can triumph over challenging market conditions. His restaurant group returned to profit last year after his decision to close his loss-making Dublin restaurant, Park Café. This turnaround story holds significant lessons for the hospitality industry, which continues to navigate economic pressures and changing consumer habits in 2025.

Financial Recovery and Strategic Decisions

Richard Corrigan Restaurants (Holdings) Ltd recorded a profit after tax of £752,842 (€863,068) in 2024 followed a net loss of £1.08 million in 2023 – a positive swing of £1.83 million (€2.1 million). Remarkably, the return to profit came even as group revenues fell 10 per cent from £16.39 million to £14.97 million. The chief factor behind both those figures was Mr Corrigan’s decision to close his loss-making Park Café restaurant in Ballsbridge in Dublin at the end of 2023 just over a year after it had opened.

The Corrigan Collection Portfolio

Despite the Dublin closure, Corrigan maintains an impressive collection of establishments. The Corrigan Collection includes a number of successful London restaurants – including Corrigan’s of Mayfair, Bentley’s Oyster Bar and Grill, Daffodil Mulligan, Gibney’s London – as well as the Virginia Park Lodge and gastropub venture with rooms and the Deer Park Inn in Co Cavan. Chef Richard Corrigan joins Anton to talk about his preparations for Virginia Park Lodge opening its doors on Christmas Day for an intimate experience.

Looking Forward: Significance for the Industry

“2024 was a challenging year for the wider sector, shaped by sustained inflationary pressures, fluctuating consumer confidence, and elevated labour costs,” Mr Corrigan and his directors said. Yet “The board is confident that the Corrigan Collection remains well placed to navigate a challenging market environment, underpinned by strong brands, a loyal customer base, and a leadership team committed to sustainable growth,” the directors state. For hospitality businesses across the UK and Ireland, Corrigan’s approach demonstrates that difficult decisions, combined with strong brand loyalty and quality offerings, can lead to sustainable success even in turbulent economic times.