Group that rescued Four Star Pizza records €4.8m profit
The Irish hospitality group behind the rescue of Four Star Pizza swung back to a €4.81m profit last year following earlier losses.
Investor Michael Holland's Gonville group of companies also operates the five star Fitzwilliam Hotel and the Bailey Bar at locations near Grafton Street in Dublin city centre.
New accounts show that the group recorded the pre-tax profit after a pre-tax loss of €3.68m in 2011 – a positive swing of €8.49m.
Revenues increased by 18.6pc to €31.8m in the 12 months to the end of December, according to accounts filed with the Companies Office. That includes income generated by the iconic Bailey Bar cafe that the group purchased in July 2011.
Progress stabilising the Four Star Pizza master franchise for Ireland and the UK includes a heavy emphasis on its technology platform and online sales, according to the directors' report.
The accounts reveal that the group restructuring and refinancing last year included the disposal of certain subsidiaries by a combination of share for trade exchanges and disposals for cash at market values.
The group has been split into three distinct divisions as a result of that process: a pizza franchise group; a hotel and tourism group and an investment group.
The directors have developed business plans for each unit "and are now implementing these plans to grow and expand each business activity," according to the accounts.
The directors confirm that the Four Star Pizza business will be the main focus of the group going forward.
The figures show that the group's profit last year takes account of combined non-cash depreciation and amortisation costs of €919,314.
Numbers employed by the group last year increased from 200 to 210, with staff costs increasing from €5.1m to €5.84m.
Remuneration to directors increased from €114,748 to €161,209.