Restaurant Patrick Guilbaud serves up tasty profits

Accumulated profits at the two Michelin star restaurant jumped 50% last year

Patrick Guilbaud at his restaurant in Dublin. Photograph: Cyril Byrne

Patrick Guilbaud at his restaurant in Dublin. Photograph: Cyril Byrne

 

Ireland’s only two Michelin star restaurant recorded a bumper year to the end of August 2017 as accumulated profits rose more than 50 per cent driven by strong tourism numbers and returning economic confidence.

Restaurant Patrick Guilbaud boosted its profit and loss account last year to €1.16 million, implying a profit for the year of more than €390,000, recently filed accounts show.

The accounts for Becklock Ltd show the company’s cash pile dipped from €1.47 million to €939,638 after it completed a €1.5 million interior renovation in November 2016.

“Christmas was as usual but then, after, everybody wanted to see the place so we got very very busy,” said restaurant manager Stephane Robin.

“We did up our place a year ago when we really really invested in the restaurant and it was all redone and it’s beautiful,” Mr Robin said, noting that the year saw an influx of tourists and new clients visit the establishment.

He said strong economic activity, with growth in sectors like technology and aircraft leasing, is contributing to growth at the business. However, he noted that corporate clients don’t make up a significant volume of the business.

The restaurant, located beside the five star Merrion Hotel, employed 38 people in the 12 month period, with payroll costs rising almost 5 per cent to €1.32 million.

Dinner in the two Michelin star establishment starts from €90 while lunch starts from €50.

Michelin star

Restaurant Patrick Guilbaud, now almost 37 years in Dublin, is aiming to win a third Michelin star this year. Asked about that prospect, Mr Robin said: “hopefully we’re moving in that direction”.

“We are trying our best, we hope it will come one day, sooner rather than later.”

Becklock is controlled by Mr Guilbaud himself. He holds 50.15 per cent of the issued share capital. Mr Robin and Guillaume Lebrun, the restaurant’s executive chef, are directors and shareholders in the business. The two directors shared remuneration of €468,334 in the period.

The food industry has been crying out for chefs of late, with the Restaurants Association of Ireland estimating that up to 8,000 chefs are needed to address the shortage. But Mr Robin said that while it’s not easy to recruit chefs, Restaurant Patrick Guilbaud trains a lot of people and isn’t having recruitment issues.

“We train a lot and the name that we made in France, in England and America [means] we have a lot of people who want to work for us.”

While generally positive for the future Mr Robin did flag Brexit as a concern, but noted “all of that is in the air”.