Michelin-starred Thornton's savours a return to black
Published 31/07/2010 | 05:00
ONE of the country's most exclusive restaurants, the Michelin-starred Thornton's, owned and operated by celebrity chef Kevin Thornton, returned to profit last year.
Accounts just filed to the Companies Office by Conted Ltd, trading as Thornton's Restaurant, show that the 80-seater Dublin restaurant recorded an after-tax profit of €37,990 to the end of August last year, compared with a post tax loss of €17,354 in 2008.
In spite of the return to profit in a financial year that saw the closure of another Dublin-based Michelin-starred restaurant, Mint, Conted Ltd had total net liabilities of €52,590 at the end of August last year.
As a result, in a note to the accounts, Conted Ltd's directors, Kevin Thornton and his wife Muriel, state they have "considered the uncertainty in the current economic and financial environment and are confident that the company will be in a position to trade through these difficult trading circumstances and continue to take appropriate steps to manage its business activities in this environment.
"The shareholders have indicated their willingness to continue to provide continued financial support".
The note adds: "In view of the foregoing, the directors are of the opinion that the accounts should be prepared on a going concern basis."
The company's total net liabilities and the financial statements being prepared on a going concern basis also drew the attention of the firm's auditors, Howarth Bastow Charlton. As the accounts are abridged, they provide limited financial information and do not disclose turnover. Mr Thornton was not available for comment.
The Thorntons first established Thornton's restaurant in Portobello, Dublin, in 1995 before moving to St Stephen's Green in 2002.
Cashel-native Kevin Thornton was the first Irish chef to receive two Michelin stars and Thornton's is now one of only six Irish restaurants to attain a Michelin star -- Patrick Guilbaud in Dublin's Merrion Square remains Ireland's only two-star restaurant.
The restaurant's profile has been increased in recent years with Kevin Thornton featuring in a number of TV programmes, most recently RTE's 'Treks and Trails'.
Thornton's renowned eight-course tasting menu costs €125 and contains dishes such as Bacon and Cabbage Terrine with Poitin Sauce, a Mi-cuit of Foie Gras in Black Truffle and Nettle and Thyme Sorbet. The dinner menu is €79 per head, with lunch menu between €25 and €49, and pre-theatre menu at €49.