Revenues at the company behind the Five Guys restaurant franchise in Ireland "have been growing month on month" since indoor dining was allowed to resume last July.
New accounts for Anart Restaurants Ltd show the business recorded post-tax losses of €949,205 in the 15 months to the end of June last.
The firm recorded losses of €504,645 the previous year.
Underlining the impact the Covid-19 pandemic had on revenues in 2021 and 2020, a note attached to the accounts states that revenues declined 68.7 per cent in the 12 months to the end of March 2021 compared to the prior 12-month period.
Sons of billionaire financier Dermot Desmond, Brett, Ross and Dery brought the US fast casual food franchise here in 2016.
The accounts state that subsequent to the financial period end, the company opened a new restaurant in Liffey Valley Shopping Centre in Dublin “and management to date are happy with its performance”.
Decreased sharply
Today, Five Guys operates four outlets around Dublin, at South Great George’s Street, Swords, the Dundrum shopping centre, and the new outlet at Liffey Valley.
Numbers employed at the business decreased sharply in the 15 months under review from 102 to 36.
The loss for 2021 takes account of non-cash depreciation costs of €510,562.
At the end of June 2021, the company had a shareholders’ deficit of €2.96 million. The company’s cash funds last year increased from €108,270 to €228,229.
The directors said the accounts should be prepared on a going concern basis.
The note states that “management have received confirmation from all group companies that they will show forbearance, if required, in demanding repayment of the amounts due to them”.
The amount owed to group undertakings last year increased by €373,617 from €4.22 million to €4.59 million. Amounts due to group undertakings are unsecured, interest free and repayable on demand.
The Desmonds also operate the Five Guys franchise in Northern Ireland.
