Recipe for success Roly's profits soar to more than €213,000
Roly's Bistro, the popular Dublin restaurant that has long been a magnet for the capital's chattering classes, boosted its operating profit last year to more than €213,000 from just €44,000 as a cafe it opened on the premises in 2008 bolstered a revenue shortfall suffered by the main dining wing.
The Ballsbridge restaurant and cafe is owned by John and Angela O'Sullivan, head chef Paul Cartwright, former Roly's chef Colin O'Daly and businessman Frank MacHugh.
Speaking to the Irish Independent, Mr O'Sullivan said business remains tough and that revenue from the main restaurant had declined about 35pc since 2007 to €4.87m.
Roly's Cafe, which opened in 2008 and operates as a separate corporate entity, had been performing well, he added. Projections for the current year are that the financial performance of the overall group will be in line with that of 2009.
Mr O'Sullivan also predicted the closure of more restaurants in Ireland in the coming 12 months, noting that some of the low prices coupled with high wages and excise duties are unsustainable. The parent company for Roly's Bistro is Wappinger Food Corporation, where gross profit fell almost 27pc last year to just under €3m.
The restaurant employs almost 100 people and their total wages and salaries were sliced 25pc last year from over €2.4m to €1.83m.
Overall administrative expenses for the year dropped to €3.5m from almost €4.3m. Directors' total remuneration fell to €79,000 from €201,000.
However, O'Neill Restaurants (Dublin), a company controlled by John and Angela O'Sullivan, charged Wappinger €261,000 for management services last year -- up from €254,000 a year earlier.
Direct Personal and Corporate Finance, a company controlled by Frank MacHugh, was paid €48,000.