Start-up costs lead to €255,000 loss at Nick Munier restaurant
Start-up costs at the popular new restaurant owned by Nick Munier led to the firm operating the eatery accumulating losses of €255,290 in its first year.
The celebrity restaurateur's Avenue opened at its Crow Street venue in Temple Bar in April of last year to glowing reviews and much anticipation with the opening over-subscribed by over 350 eager would be customers.
New accounts filed by Munier Ltd show that the firm behind the upmarket French bistro, bar and venue had accumulated losses of €255,290 from the date of incorporation on October 21, 2014, to September 30, 2015.
The accounts only take in the first six months of the operation of the restaurant and the accounts show that the company's directors ploughed in €193,449 in interest free loans in the firm's first year. Repayments of €81,000 were made to directors during the year with the directors owed €112,449 at year end.
Nick Munier continues to act as a director after the resignation of fellow director Enda McCabe on February 12 of this year.
The business is 100pc owned by Mr Munier and the accounts show that the directors took no pay from the business during its first year.
The funding of the business by the directors has resulted in the business's exposure to bank loans being limited to €26,968.
Numbers employed by the business at the end of September last totalled 26 with staff costs for the year totalling €307,874.
After Mr Munier first came to attention through his appearance on TV's 'Hell's Kitchen', he made his name here with the success of Pichet restaurant, which opened in 2009. A deal that resulted in the exit of Mr Munier from Pichet last year was valued at €218,410.
In December 2014, Mr Munier initiated High Court proceedings aimed at securing a deal to buy out his shareholding in Dublin's Pichet restaurant implemented.
Four days after the High Court proceedings were initiated, Pichet and Mr Munier struck a deal on December 5 valuing Mr Munier's shareholding at €218,410 with the company buying his share out.
Mr Munier co-founded the restaurant with chef Stephen Gibson and the two together built up a vibrant business.