PRETAX PROFITS at Dublin restaurant and food store Fallon & Byrne fell by close to 30 per cent to €255,774 in 2008, but sales were slightly ahead of the previous year, recently filed accounts show.
The accounts for 2008, which were signed off last week, show that turnover at the company rose marginally to €11.2 million in 2008, slightly higher than the €11 million posted the previous year.
The upmarket emporium, located on Exchequer Street, is owned by former journalist Fiona McHugh and her husband Paul Byrne, a former property developer. No one was available yesterday from the company to comment on the accounts or current trading conditions.
The accounts show there was a deficit of shareholders’ funds of €204,396 at the end of the year. This compared to a deficit of €421,743 recorded in 2007.
One hundred and forty people were employed in the business in 2008, the accounts state. Of these, 70 were employed in the food hall, 65 in the restaurant and five in administration.
Net cash inflow from operating activities plummeted during the year, falling to €377,000 in 2008 from €1.4 million the previous year. There was a decrease in cash of just over €83,000. Operating profit was €323,000, down from €403,000 the previous year.
Among the tangible fixed assets listed in the accounts was land and buildings leasehold which had a book value of €2 million at December 31st, 2008, having depreciated by €350,000 during the year. The value of plant and machinery fell from €1.3 million to €817,000 by the end of the year.
The shop, wine bar and restaurant covers 21,000sq feet and is spaced over three floors. Modelled on New York-style gourmet food emporiums, the cost of refurbishment was estimated to have been close to €2 million.
