Thursday 22 February 2018

Losses more than halved at Residence members' club

Restaurant FortyOne
Restaurant FortyOne

Gordon Deegan

Exclusive Dublin members' club The Residence more than halved its pre-tax losses in 2015 to €150,030.

That is according to new accounts for Molana Ltd which reveal that the company is targeting the business community and "fine diners" to increase revenues.

The company's 2015 loss followed pre-tax losses of €348,208 in 2014.

The business - which houses the award-winning Restaurant FortyOne - sharply reduced its losses after revenues decreased marginally from €3.2m to €3.183m. The business was purchased from a receiver by businesswoman Olivia Gaynor Long in 2010.

However, Mr Gaynor Long recently sold on the business to her brother, Peter Gaynor, and his business partner, John Collins.

The accounts disclose that as a result of the deal selling on the business, the shareholders' loan of €2.5m to the business was waived.

The directors' report states that the 3pc drop in revenues for 2015 was largely offset by a decrease in operating costs of 10pc "to ensure that net losses were greatly reduced".

The directors said that a special focus on targeting the corporate sector has resulted in a significant increase in membership from the business community.

The directors also show that the Restaurant FortyOne has shown significant growth in the past 18 months.

As a result, the directors said they have decided to increase the restaurant capacity by extending it to the second floor of the building.

Numbers employed at the business, based on St Stephen's Green, fell from 47 to 45 with staff costs reducing from €1.6m to €1.48m in 2014.

Irish Independent

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