Losses widened at the Irish subsidiary of Italian restaurant and deli chain Carluccio’s last year, according to recently filed abridged accounts.
Accumulated losses for Carluccio's Ireland rose to €688,133 for the 12 months ending September 30th, 2015, as against €409,441 a year earlier.
Buyback
Carluccio's parent bought back its Irish franchise from a group of investors that included former KPMG managing partner Ron Bolger and former Anglo Irish Bank chairman Peter Murray, in late 2013.
The buyback occurred after the former franchisees had spent an estimated €4 million on the business, which struggled due to succeed due to high rents.
The franchise buyback was coupled with a rent reduction on the company’s flagship Dawson Street premises of in the region of 50 per cent on the almost-€700,000 the original franchise-holders were reported to have paid.
Second restaurant
Carluccio’s, which arrived in Ireland in 2008, opened a second restaurant in Glasthule in April 2015.
The latest accounts show Carluccio’s Ireland has an outstanding loan with its parent, Carluccio’s Limited, with a balance owing of €388,107. This compares with a balance of €1.28 million a year earlier.
Sales commissions charged by the parent during the year totalled €216,304. A store-opening fee for the Glashule restaurant of €34,351 also applied.
The chain was founded by the well-known chef and restaurateur Antonio Carluccio in the early 1990s. There are now close to 100 restaurants in the chain open across Britain.
