Wednesday 7 December 2016

Bang posts €257,000 loss in 2010

hospitality

Published 15/10/2011 | 05:00

ONE of the highest-profile restaurants of the boom years lost over €250,000 last year -- its first loss since being reopened by new owners.

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Merrion Row Restaurants Ltd, the parent company of the popular Dublin restaurant Bang, posted a €257,344 loss for the year to January 2, 2011.

The company does not have to provide full accounts due to its small size, but the accounts revealed that the directors had lent €392,000 to the company.

Bang was taken over in April by Insomnia Coffee chief Bobby Kerr and Joe and Anne Barrett, whose brother Richard runs property firm Treasury Holdings.

Bang hit the headlines last year when its then owners -- Simon and Christian Stokes -- were accused of spending thousands of company money on shopping sprees and five-star hotels around the world.

The restaurant went bust with debts of €2.4m. The Stokes brothers, who also ran the Residence private club on Stephen's Green, have become poster boys for the credit boom's excess.

At a liquidation hearing for their company last year, it was revealed that the brothers had run up a bill of €146,000 on a company credit card, even as the business faced mounting losses. The brothers have been banned from being company directors for five years.

Irish Independent

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