Fitzers Holdings makes a profit
The Fitzers restaurant business in Dublin has reported a pretax profit of €150,972 for 2011. This compares with a loss of €10,528 the previous year.
Fitzers Holdings Ltd, which is involved in running restaurants in Temple Bar, on Dawson Street and on Chatham Street, all in Dublin, had a turnover of €6.29 million in 2011, up slightly on the previous year’s €6.25 million.
Cost of sales at €1.99 million was also up slightly, but administrative costs at €4.29 million were down almost €200,000 on the previous year.
This was almost entirely due to directors’ salaries for the year, which were €274,000, down from €445,633 the previous year.
The turnover comprised restaurant and catering income. The group operates Marco Pierre White’s restaurant, with others, on Dawson Street, and Frankie’s Steakhouse, with others, in Temple Bar, and the Chatham Brasserie, on Chatham Street.
One of the holding company’s subsidiaries, Fitzers National Gallery Restaurant Ltd, has ceased trading.
The results of an associated company, Romnag Ltd, in which the directors have a 50 per cent interest, are included in the accounts. Romnag trades as the Hard Rock Café.
Brothers Colum and Ciarán Butler are also Romnag shareholders.
The directors of Fitzers Holdings, in their report accompanying the accounts, say they expect the current level of business to continue into the foreseeable future.
The consolidated balance sheet for the group shows shareholders’ funds at the end of the year of €1.75 million.
Fitzers Holdings employed an average of 98 people during 2011, up from 91 the previous year, with staff costs, excluding directors, at €2 million. There was little change in the cost of staff between 2011 and 2010.
The group saw a drop of €286,250 in its revaluation reserves arising from assessed property values.
The group has an annual lease commitment of €100,000 in respect of its Temple Bar premises. It has a commitment of €170,121 for 2012 in relation to its premises on Dawson Street.
The directors of the holding company are Padraic, Geraldine and Frank Fitzpatrick, Desmond Barker and Tony Keogh.