Food business out of the frying pan and into profit
Published 30/03/2016 | 02:30
Gourmet food business Fallon and Byrne, which is co-owned by former journalist Fiona McHugh, enjoyed a record year in 2015 as earnings more than doubled.
Group accounts filed by Sarzala show that revenues jumped by 19pc to €12.63m in the 12 months to the end of June 30 last.
The business is run by the husband and wife team of Paul Byrne and former Sunday Times Ireland editor Fiona McHugh.
The 2015 performance represents a turnaround in the business which exited Examinership in April 2012.
The business operates a gourmet food hall, restaurant, wine cellar and function room on Exchequer Street in the centre of Dublin.
Numbers employed rose from 151 to 195 last year with staff costs increasing by 22pc to €4.5m. The business's earnings before interest, tax, depreciation and amortisation (EBITDA) of €528,806 represents a 164pc increase on EBITDA of €200,934 enjoyed in 2014.
Frank Murphy sits on the board with Ms McHugh and Mr Byrne and aggregate pay to directors, including pension contributions, last year increased by 158pc, from €101,731 to €261,083.
Pre-tax profits last year totalled €119,365 compared to pre-tax losses of €166,431 in fiscal 2014.
The directors said that they "are very optimistic as regards the future prospects for the company.
"The directors feel the group is now very well positioned to take advantage of further opportunities for growth and to leverage off the business's strong brand recognition and reputation for quality".