Tuesday 23 July 2019

Cost of losing a Michelin star exposed in restaurant accounts

Chef Kevin Thornton in Thornton's restaurant Credit: Damien Eagers
Chef Kevin Thornton in Thornton's restaurant Credit: Damien Eagers

Gordon Deegan

Profits reduced sharply at Thornton's restaurant in the year before chef and owner Kevin Thornton decided to close it.

The restaurant, one of the country's most exclusive venues, closed in October. New accounts show that profits at the firm that operated the restaurant, Conted Ltd, last year totalled €12,472 - 76pc down on profits for the longer 16-month period in 2014/13.

The €12,472 profit compared to profits of €53,510 in 2014/13. The sharp decline in profits took place in the year that the restaurant lost its coveted Michelin star.

The firm's cash pile during the year doubled, going from €88,301 to €165,426.

The restaurant's website stated yesterday "Thornton's at the Fitzwilliam closed on October 29, 2016. A new venture starts spring 2017".

In an interview earlier this year, Mr Thornton said that the shock loss of the Michelin star had prompted him to make the "very sad" decision to close the restaurant.

Mr Thornton, who had been a Michelin-starred chef for two decades, likened the loss of the Michelin star to being "stabbed in the heart".

The profits of the final two years of the restaurant followed the firm recording modest post-tax losses of €5,631 in 2013 and €9,504 in 2012.

Numbers employed by the business last year increased from 23 to 25, made up of 23 staff and two directors. Staff costs declined from €852,312 to €733,661 over the 12-month period.

The firm's two directors are Mr Thornton and his wife, Muriel. Remuneration for the two during 2015 was €192,883, decreasing from €222,541 in 2014.

Irish Independent

Also in Business