ITSA BAGEL, the Dublin-based food retail company and wholesaler of Domini and Peaches Kemp, has posted pretax losses of €77,210 in its 2009 accounts, having recorded profits of more than €27,000 a year earlier.
In results filed with Companies Office, Itsa Bagel Ltd reported a 8.8 per cent fall in revenue to €1.479 million, turning a 2008 operating profit of €58,112 to a loss of €50,804. The company’s net debt stood at €523,603, according to the abridged financial statements for the year ending February 28th, 2009.
The directors of the company are former chef and Irish Timesfood writer Domini Kemp and her sister Petrina. The company was established in 1999 and has since been expanded to include four outlets in Dublin.
According to the accounts, the company’s bank overdrafts stood at €187,243, an increase of almost €130,000 in overdraft facilities than a year previously.
The number of staff employed by the company fell from 96 employees in 2008 to 72 at the end of February 2009. However, staff costs, which include directors’ salaries, were reduced by just under €90,000 in the same period – totalling just under €2.3 million in wages up until January 2009.
The company directors received just under €239,000 in remuneration costs in the same time period.
Aside from the Itsa Bagel chain, the Kemp sisters’ interests include outdoor catering company Feast catering, the restaurant in Dublin’s Brown Thomas, itsa4 restaurant in Sandymount and Table restaurant in Brown Thomas’s Cork outlet, and the itsa@IMMA café.
Despite the falling revenues, the company said it intended to continue its current trading levels.
