Fallon & Byrne serves up €1m pretax profit

Directors confident about future trading

Fallon & Byrne, the Dublin restaurant and food hall, has recorded a pretax profit of €1 million for the six months to the end of June 2012.

The company entered examinership on December 30th, 2012, and emerged from the process on April 18th, 2012.

Tax liabilities
The court was told at the time that the firm was unable to pay a €1.4 million tax bill, but the €8 million turnover business was profitable when historic and current tax liabilities were not taken into account.

Accounts just filed say the business recorded a loss of €508,303 prior to exceptional items but that post-restructuring and the agreed scheme of arrangement, the results showed a surplus.

Directors Paul Byrne and Fiona McHugh said they are confident as to future trading in a report dated December 2013 which accompanies the accounts. A request for a comment met with no response.

The company's rescue involved investment by a new holding company, Sarzala Ltd, which is owned by the Mr Byrne and Ms McHugh as well as Brian Fallon, Vincent Byrne, Karen McHugh and Shane Harte.

Trade creditors were €1.6 million at the end of December 2011, and €252,960 at the end of June 2012.