Restaurant and food retailer Fallon & Byrne has reported strong revenue growth for last year as the streamlined business bounced back from Covid and its flagship store on Dublin’s Exchequer Street saw increased footfall. The company also reported increased bookings for the upcoming Christmas period.
According to accounts filed with the Companies Registration Office (CRO), Fallon & Byrne Limited generated earnings before interest, tax, depreciation and amortisation (ebitda) of €210,460 for the 18 months to January 1st this year. However, restructuring costs connected with the closure of its loss-making Rathmines unit in Dublin in 2020 and the end of the pandemic resulted in a €639,301 loss for the 18-month period. However, when comparing the 2022 calendar year with 2021 revenue was up 35 per cent.
“This 18-month period included the last of the Covid lockdown when the hospitality businesses were effectively shut and city centre footfall was greatly reduced,” a spokeswoman said. ”Through this period the business invested €1 million in the Exchequer Street building to ensure it is well positioned for the future – this level of investment continues.”
Trading this year, which is not covered by the accounts, is understood to have remained strong, with revenue up 16 per cent year-on-year, while the outlook for the upcoming Christmas period is also solid, with bookings up from last year.
Fallon & Byrne racked up a loss of nearly €4 million between 2018 and 2020 on the back of its failed food hall and restaurant venture in the Swan Centre in Rathmines. The company closed the loss-making Rathmines unit in early 2020 after it failed to generate the expected level of sales. Founders Fiona McHugh and her husband Paul Byrne exited the company shortly after. Since closing the Rathmines store the company has refocused its operation around its flagship Exchequer Street outlet, which contains a food store, restaurant, wine cellar and ballroom.
In the latest accounts directors said the business employed on averaged 157 staff during the period, up from 105 previously.
They also noted the business availed of the Government’s debt warehousing facility “in relation to outstanding liabilities owing to Revenue for periods between January 2020 and April 2022”. Repayment of the warehoused debt is up for review in April 2024. “The directors have considered the current cash at bank position at the date of signing the financial statements, the day-to-day expenditure of the company and completed detailed forecasts and projections for the next 12 months,” the accounts said.