One of the most famous restaurants in the country, the Patrick Guilbaud restaurant, posted losses of € 662,998 last year due to the pandemic.
Regarding the accounts filed by the Becklock restaurant company, Patrick Guilbaud, co-owner of the two-star Michelin restaurant, said, “We need to rebuild the business from now on if the government allows us to reopen.”
The after-tax losses of € 662,998 follow record profits in years when the restaurant at the five-star Merrion Hotel in Dublin posted after-tax profits of € 873,643 in 2019 and € 524,952 in 2018.
The restaurant has been operating since 1981 and already weathered five recessions before the pandemic stalled business for much of the past 16 months.
Mr. Guilbaud said the last year was “a disaster, but we will survive and make sure we get better and make money” over the next few years.
Ahead of the expected full reopening of indoor dining next Monday, he said the restaurant was “very busy with bookings.” “We had good business before and I don’t understand why we won’t have good business when we come back.”
“I can’t think of anything better than opening up the shop and being busy and selling good food and good wine. We are ready to go. “
“I don’t think we will close again with the introduction of the vaccine. We have to learn to live with it. Next year will be a better year. “
Mr. Guilbaud stated that the staff is the restaurant’s greatest asset.
The accounts cover the first five months of the pandemic, and an accompanying note states that the company laid off staff and reduced working hours for retained employees in the period from March to late August last year.
Separate figures released by Revenue show that Becklock was one of 66,5,000 employers who took advantage of the temporary wage subsidy program.
The company believes it is “well positioned to restore full trading capacity once the period of uncertainty is over”.
One factor behind the company’s losses in the past year was the more than sevenfold increase in pension contributions to board members from € 54,808 to € 415,815. Directors salaries were reduced from € 376,084 to € 260,637. The company’s total wages last year amounted to 1.32 million euros.
At the end of August last year, the company’s net profit fell from 2.56 million euros to 1.9 million euros. The financial resources decreased from € 1.65 million to € 706,444.