Publican Louis Fitzgerald's Glenridge Holdings saw pre-tax profits drop 70% to €202,000 for the year ended 30 June 2008, but only after directors' pay grew €430,000 to more than €710,000.

Glenridge is an investment holding company for several pubs and Fitzgerald owns 49% of the company, with the other shares held by Pat Walsh. Shareholders' funds at the company now stand at nearly €11.4m.

The recently filed accounts also show that the company owes nearly €4.9m to one of its directors while more than €485,000 was owed by a director.

Fitzgerald, the biggest publican in Dublin, holds most of his licensed industry portfolio through a vehicle called Cregagh Investment Company, which has unlimited liability and does not have to file public accounts.

Fitzgerald's pub interests include The Quays pubs in Galway and Dublin and Kehoe's, The Stag's Head and The Baggot Inn in Dublin city centre. He has moved into hotel development in recent years and owns the Arlington hotels in Temple Bar and next to O'Connell Bridge. He also owns a stake in Sunderland football club.