McDonald's Ireland pays €118m dividend
The Irish arm of McDonald's paid a supersized €118m dividend to its immediate UK parent last year as the chain continues to expand its footprint here.
Accounts for the Irish unit of the global fast-food giant show that revenue rose 2pc to €86.6m last year, while operating profit jumped 14pc to €15.7m.
The revenue figure includes sales from company-owned McDonald's outlets in Ireland, as well as fees paid by franchised premises.
At the end of 2016, just nine company-owned outlets were operated, with another 82 franchised stores operating across the country. Three company outlets were sold to franchisees during the year.
The latest set of accounts show it sold plant and equipment valued at €3m last year.
The huge dividend paid by the company last year compared to an €11.5m dividend paid by the Irish arm in 2015. Last year's payment left it with €18.5m in shareholder funds at the end of 2016.
The dividend payment also came as McDonald's prepared to revamp the structure of its Irish business.
It slashed the number of administrative and management staff at its headquarters from 40 to just six in order to cut costs.
A series of redundancy consultation emails and meetings following the initial March restructuring announcement, and a number of employees were informed that their positions were "being removed from the structure".
In June, staff were told that McDonald's Ireland managing director Adrian Crean had also left the business. His position was not filled.