Restaurant Patrick Guilbaud records €662,998 loss for 2020

Patrick Guilbaud says last year was ‘a disaster, but we will survive’

Patrick Guilbaud: “We have to rebuild the business from now when the Government allows us to re-open.”Photograph: Cyril Byrne

Patrick Guilbaud: “We have to rebuild the business from now when the Government allows us to re-open.”Photograph: Cyril Byrne

 

One of the country’s most celebrated restaurants, Restaurant Patrick Guilbaud, last year recorded losses of €662,998 due to the pandemic.

Commenting on the accounts filed by the restaurant’s company Becklock, co-owner of the two star Michelin restaurant, Patrick Guilbaud, said “We have to rebuild the business from now when the Government allows us to re-open.”

The post tax losses of €662,998 follow years of record profits where the restaurant, housed in the five star Merrion hotel in Dublin, recorded post tax profits of €873,643 in 2019 and €524,952 in 2018.

The restaurant has been operating since 1981 and had already weathered five recessions before the pandemic shut down the business for much of the last 16 months.

Mr Guilbaud said the last year “has been a disaster, but we will survive and make sure that we get better and make money in the next few years”.

Ahead of the anticipated full re-opening of indoor hospitality next Monday, he said the restaurant was “ very busy bookings wise.” “We had a good business before and I don’t see why we won’t have a good business when we come back.”

“I can’t think of anything better of opening the place 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 vaccine roll-out. We have to learn to live with it. Next year will be a better year.”

Mr Guilbaud stated that the restaurant’s greatest asset is its staff.

The accounts cover the first five months of the pandemic and a note attached to the them states that during the period March to the end of August last year, the company laid off staff and reduced working hours for staff who have been retained.

Separate figures published by Revenue show that Becklock was one of the 66,5000 employers to avail of the Temporary Wage Subsidy Scheme.

The company’s believes it is “well positioned to return to full trading capacity once the period of uncertainty passes.”

A factor behind the losses at the company last year was its pension contributions to directors increasing more than seven fold from €54,808 to €415,815. Directors’ salaries reduced from €376,084 to €260,637. The company’s overall wage bill for last year totalled €1.32 million.

At the end of August last, the company’s accumulated profits reduced from €2.56 million to €1.9 million. Its cash funds reduced from €1.65 million to €706,444.