Business Irish

Monday 20 August 2018

Well known Michelin-starred restaurant sees profits jump to €500,000

Ross Lewis, Chapter One
Ross Lewis, Chapter One

Gordon Deegan

Accumulated profits at the firm that operates the decorated Dublin restaurant co-owned by the 'Queen's chef', Ross Lewis last year almost doubled to €490,571.

Chapter One, on Dublin's Parnell Square, is one of 13 Michelin-starred restaurants in Ireland - including the North.

New accounts filed with the Companies Office show that the accumulated profits increased by 72pc from €285,269 to €490,571 in the 12 months to the end of February 28 this year.

Cork native, Mr Lewis has long been known as one of Ireland's best chefs and during the same 12-month period, Lindley Ltd's cash pile increased going from €387,353 to €570,842.

The restaurant is currently closed for annual holidays to August 14 but when open, patrons can enjoy a four-course meal for €80 that includes 'Salt marsh duck, tart of red Joya apple, smoked bacon, fennel pollen, pickled walnut' and 'Stuffed quail, violet asparagus, barley, spelt, and grelot onion'. It employs 35 staff and the wage bill last year decreased from €1.093m to €1.01m. Directors' remuneration increased from €241,098 to €295,370.

The business has a loan of €718,138 to a connected company while its equity investment is valued at €231,948. In 2015, Lewis expanded his food operation with the opening of Italian restaurant Osteria Lucio on Dublin's Grand Canal Quay.

Separate accounts filed for the firm behind Osteria Lucia, Trionview Ltd show that the company's accumulated profits increased from €140,117 to €149,839 in the 12 months to the end of February 28, 2017.

Numbers employed by the company increased to 36 with salary costs at €558,166.

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