Mixed success for Dylan McGrath’s restaurant empire
Restaurateur and chef sees profits rise at Fade Street Social but decline at Rustic Stone
Dylan McGrath’s restaurants include Fade Street Social, Rustic Stone, and Brasserie Sixty6. Photograph: Dara Mac Dónaill
Celebrity chef and restaurateur Dylan McGrath experienced mixed trading conditions for his business empire in 2015 – a year in which his new Japanese-inspired eatery Taste at Rustic opened.
The former Masterchef presenter, whose other restaurants include Fade Street Social, Rustic Stone, and Brasserie Sixty6, rose to prominence as head chef at Mint, where he received a Michelin star.
Following the closure of the Ranelagh restaurant, due to the recession, Mr McGrath opened Rustic Stone in August 2010, with his stable expanding ever since.
Taste at Rustic, which is located on the third floor of the Rustic Stone building at the corner of South Great George’s St and Exchequer St, opened in May.
The menu is influenced by the chef’s travels and dishes conceived in his development kitchen.
Abridged accounts recently filed with the Companies Office for Prime Steak Limited – which trades as Rustic Stone – show it recorded a €7,697 loss versus a €74,178 profit a year earlier.
According to the accounts, Mr McGrath’s business partners, Vincent and Gerard Mellinn, have provided personal guarantees of €3.08 million to Prime Steak.
The company, which employed 62 people last year, had staff costs of €1.8 million, up from €1.06 million in the previous year.
Separate accounts filed for Prime Steak Restaurant 2012 Limited, which trades as Fade Street Social, show 2015 income totalled €583,184, versus €281,042 in 2014.
Equity attributable to the company owners rose to €783,187 from €481,045.
Fade Street Social, which opened in November 2012, recorded a loss in its first full year of operation with accumulated losses in the 12 months to the end of December 2013 totalling €83,967.
Last year, staff numbers at the restaurant rose to 100 from 90 with related costs, including wages and salaries, jumping to €2.38 million from €2.09 million in 2014.