Brody Sweeney's Camile Thai group last year returned to profit to record pre-tax profits of €398,030.
New accounts filed by Camile Thai Group Holdings Group show that the group recorded the pre-tax profits of €398,030 following a pre-tax loss of €1.4m in the prior year.
Revenues at the group declined by 13.5% from €15.54m to €13.44m following Mr Sweeney’s 'strategic decision' to shut down its UK operation in April 2023.
The principal activity of the group for the year was the production of food and packaging for Camile Thai outlets along with the operation of six Camile Thai Kitchen company owned restaurants in Ireland with 25 franchised stores in Ireland and six franchised stores in the UK.
The group also operates a Thindi company owned restaurant in Ireland which was opened during 2021.
The directors state that on April 3rd 2023, Camile Thai Kitchen (UK) Ltd, Camile Thai Distribution (UK) Ltd and Camile Thai Franchise (UK) Ltd entered into liquidation and ceased to trade.
The directors state that "this was a strategic decision made by the directors. Camile Thai continues to operate in the UK through franchisees and these are now contracted with the Irish entities".
The group last year recorded operating profits of €854,714 but profits were reduced by €300,502 in an exceptional costs concerning the closure of the UK business along with interest payments of €107,437.
The exceptional costs concerned the write down of assets and liabilities and the provision for intercompany loans which may not be recoverable or payable due to the three UK entities entering into liquidation on 3rd April 2023.
The profit for 2023 takes account of non-cash depreciation costs of €634,766.
Numbers employed by the group last year reduced from 200 to 160 as staff costs declined from €5.54m to €4.66m. Four directors served during the year and directors’ pay last year totalled €474,883.
Since opening its first location in 2010, Camile Thai has expanded to over 50 locations.
The company’s best known franchisee is Galway All-Ireland winning hurler, Joe Canning.
On the risks facing the business, the directors point to the increase in competition due to the highly competitive nature of the industry and the current economic climate.
Reporting by Gordon Deegan
