The company behind the Five Guys restaurant franchise here last year recorded post tax losses of €315,934.
Sons of billionaire financier, Dermot Desmond, Brett, Ross and Dery brought the US fast casual food franchise here in 2016.
Now, new accounts for the Desmond family's Anart Restaurants Ltd show that it recorded post tax losses of €315,934 in the 12 months to the end of June 2023 and this compares to post tax profits of €529,867 in the prior 12 months - a negative swing of €845,801.
Today, Five Guys operates four outlets around Dublin at South Great George’s Street, the Pavillons shopping centre in Swords, the Dundrum shopping centre and one at Liffey Valley.
Numbers employed by the business last year declined by 29 from 136 to 107, made up of 95 in store crew and 12 in management.
The loss last year takes account of non-cash depreciation costs of €410,478.
The loss last year increased the shareholders’ deficit to €2.75 million at the end of last June.
The accounts have been prepared on a going concern basis "and the company’s ability to continue as a going concern is dependent upon its ability to trade profitably in the future".
The note adds that "the group will not seek repayment for the amounts owed amounting to €4.32m until the company has sufficient resources to meet this obligation".
The note adds that the directors have also considered the cash flows of the company and believe the company will be able to trade profitably in the future
The company’s cash funds declined sharply from €486,877 to €40,133.
The Desmonds also operate the Five Guys franchise in Northern Ireland.
Anart Restaurants Ltd is a subsidiary of the Jersey based Hasco Ltd.
The accounts state that the consolidated accounts for Hasco are not publicly available.
A note attached to the accounts states that the ultimate controlling party is the Desmond family.
Reporting by Gordon Deegan
