Wednesday 12 December 2018

Dylan McGrath's recipe for profit success

 

Cookin’ up a storm: Dylan McGrath has also appeared as a judge on RTE’s version of ‘MasterChef’
Cookin’ up a storm: Dylan McGrath has also appeared as a judge on RTE’s version of ‘MasterChef’

Gordon Deegan

TWO Dublin restaurants operated by celebrity chef Dylan McGrath last year enjoyed combined profits of over €435,000.

Beyoncé and Jay Z have dined at McGrath's Fade Street Social in the past, and new accounts show that the business recorded profits of €369,458 in 2017.

This compares to profits of €26,197 in 2016.

Mr McGrath's Rustic Stone restaurant, on Dublin's South Great George Street, also enjoyed a strong year with profits of €65,900.

The profits at Rustic Stone's Prime Steak Ltd were down on the €91,213 recorded in 2016.

Mr McGrath's success has resulted in the two companies employing a combined total of 176 people at the end of December last.

Numbers at Fade Street Social increased from 95 to 106 while numbers at Rustic Stone declined by one to 70.

The combined profits at the two firms take account of combined non-cash depreciation costs of €676,167. Accumulated profits at Mr McGrath's Rustic Stone Ltd at the end of last year totalled €149,416 while the firm's cash pile totalled €101,747. At the Fade Street Social firm, Prime Steak 2012 Ltd, accumulated profits increased to €978,839 with the company's cash pile reducing from €362,572 to €219,992.

Mr McGrath first shot to fame after securing a Michelin star at his Mint restaurant in Ranelagh, which closed in 2009. He also appeared as a judge on RTE's version of 'MasterChef'.

Irish Independent

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