Business Irish

Wednesday 28 June 2017

TV chef Shanahan nets healthy profits at Fishy Fishy restaurant

Martin Shanahan managed to triple profits at his Cork restaurant to almost €400,000
Martin Shanahan managed to triple profits at his Cork restaurant to almost €400,000

Gordon Deegan

TV celebrity chef Martin Shanahan landed a large catch of profits as profits at his Kinsale Fishy Fishy restaurant tripled to almost €400,000 last year.

Last year, Mr Shanahan added an extension to his renowned restaurant in the gourmet Cork town of Kinsale - and the investment is already paying dividends.

New figures show that the business recorded profits of €391,515 last year - a 231pc increase on the profits of €117,927 recorded in 2014.

At the end of last year, accumulated profits at Mr Shanahan's Kinsale Gourmet Store Ltd stood at €1.6m.

The profits enjoyed last year far outstrip any annual profits recorded in recent years at the popular restaurant - in 2013 profits increased by €71,136 and by €74,952 in 2012.

The firm's cash pile in 2015 increased from €412,627 to €440,425.

Mr Shanahan established Fishy Fishy in 2006 and it now has capacity for 160 customers, with seating for 90 patrons downstairs, 40 upstairs and 30 outside.

The value of the company's fixed assets increased sharply, going from €2.83m in 2014 to €3.18m last year.

The figures show that wage costs at the firm, which includes directors' salaries, declined marginally from €914,779 to €819,818.

Staff costs are made up of €691,209 in pay and €128,609 in pension payments.

Directors' pay last year declined from €273,884 to €248,061, made up of €119,452 in remuneration and €128,609 in pension payments.

The award-winning restaurant is run by Mr Shanahan and his wife, Marie Shanahan.

The couple opened their original Kinsale Gourmet Store in 1990.

In 2009 Mr Shanahan embarked on his first TV venture, with his Martin's Mad About Fish series.

Irish Independent

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