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Appetite for growth: Expansion costs weigh on Desmonds' Five Guys

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Global flavour: The chain came to Ireland in 2016 and now has four sites around Dublin

Global flavour: The chain came to Ireland in 2016 and now has four sites around Dublin

Bigger bite: The first Five Guys outlet opened in Arlington, Virginia, in 1986

Bigger bite: The first Five Guys outlet opened in Arlington, Virginia, in 1986

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Global flavour: The chain came to Ireland in 2016 and now has four sites around Dublin

Expansion costs at the company behind the Five Guys franchise here contributed to losses of €1.1m at the business last year.

Sons of billionaire financier Dermot Desmond, Brett, Ross and Dery, brought the US fast, casual food franchise here in 2016.

Today, Five Guys operates four outlets around Dublin at South Great George's Street, Blackrock, Swords and the Dundrum Town Centre.

New accounts lodged by the Desmond brothers' Anart Restaurants Ltd show that the company recorded losses of €1.1m in the 12 months to the end of March last. It followed losses of €175,427 in the prior year.

The 2019 loss takes account of non-cash depreciation costs of €224,415.

At the end of March last, Anart had accumulated losses of €1.5m.

The increased number of stores last year resulted in the number of people employed rising to 96 from 49, made up of 83 store crew and 13 in management. The chain's expansion also resulted in the value of the company's fixed assets increasing to €3.7m from €978,217 last year.

The company's expansion was funded from additional loans of €2.54m from group undertakings.

At the end of March last, the company owed group undertakings €3.94m.

A note which was attached to the accounts stated that the amounts owed due to the group undertakings were unsecured, interest-free and repayable on demand.

The company's cash pile increased to €184,188 from €128,223.

The Desmonds also operate the Five Guys franchise in Northern Ireland.

Irish Independent