Sunday 27 May 2018

Nick Munier's exit deal from Pichet valued at €218,000

Restaurateur Nick Munier. Photo: Gerry Mooney
Restaurateur Nick Munier. Photo: Gerry Mooney

Gordon Deegan

The deal that resulted in the exit of Masterchef presenter, Nick Munier from Dublin's Pichet restaurant is valued at €218,410.

Last December, Mr Munier initiated High Court proceedings aimed at having a deal to buy out his shareholding in Dublin's Pichet restaurant implemented.

Four days after the High Court proceedings were initiated, Pichet and Mr Munier struck a deal on December 5 valuing Mr Munier's shareholding at €218,410 with the company buying his share out.

The detail is revealed in documents lodged with the Companies Office relating to the contract between Mr Munier and Pichet's firm, Dillmel Ltd, for the off-market purchase of the shares.

Mr Munier co-founded the restaurant on Dublin's Trinity Street with chef Stephen Gibson and the two together built up a vibrant business.

Accounts just lodged with the Companies Office show that the firm's profits last year dropped by €34,928 from €952,826 to €917,898. The drop in profit takes account of non-cash depreciation costs of €73,452.

During the same period in the 12 months to the end of February 2014, the firm's cash pile reduced from €827,589 to €778,193.

Pichet opened up in July 2009 and within six weeks was breaking even, quickly securing a Bib Gourmand from the esteemed Michelin Guide.

Prior to heading up Pichet, Gibson worked at the Michelin-starred L'Ecrivain, which is owned by Derry and Sally-Ann Clarke.

Since his departure, Mr Munier has started a new restaurant venture, Avenue, in Temple Bar aiming to profit from the current boom in Dublin's restaurant business.

Yesterday, the chief executive of the Restaurants Association of Ireland (RAI), Adrian Cummins, said that the restaurant business in the capital "is positive and going in the right direction".

He added: "If you are talking about a three-speed economy in Ireland, Dublin is in top gear."

However, Mr Cummins said that an additional 3,000 new restaurant seats were opened in the last two and a half years in a grid in Dublin going from Dame Street, Camden Street, George's Street, Harcourt Street and Stephen's Green.

He said that the added number of seats has made sure that margins remain the same.

Mr Cummins said that the restaurant business will reach saturation at some point in the Dublin area with the number of new restaurant openings.

However, he said: "The quality of food has increased phenomenally over the past ten years."

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business