SHANAHAN'S ON The Green, the upmarket American steakhouse restaurant in Dublin, made an after-tax loss last year of $404,254 to bring its accumulated losses to $11.1 million at the end of 2007.
Accounts just filed for JMS International Holdings Ltd, Shanahan's US-based parent company, show that last year's losses at the restaurant, which is owned by wealthy Irish-American entrepreneur John Shanahan, were almost five times the level of 2006.
The restaurant has been in the red every year since it began trading at the beginning of this decade.
No turnover figure was published for the restaurant, which overlooks St Stephen's Green, but the accounts show that Shanahan's posted a gross profit in 2007 of $2.2 million, the same level as the previous year.
Shanahan's staff costs rose by 10.2 per cent during the year to $2.5 million. The average number of staff employed at the restaurant was 71, down from 73 in 2006.
Shanahan's also took a depreciation charge of €110,466 last year relating to its leasehold, kitchen equipment, crockery, cutlery, furniture and fittings, and motor vehicles. It paid $1,543 in interest charges.
The accounts indicate that Mr Shanahan is owed $10.8 million by the company.
JMS filed separate accounts for 2005, 2006 and 2007 with the Companies Registration Office at the beginning of October having failed to submit any accounts here since 2005.
JMS was incorporated in Ireland in January 1998 and is a branch of a company based in Delaware.
Shanahan's is situated at 119 St Stephen's Green, a Georgian-style townhouse that dates back to the 1760s. Once used as a residence, it has been home to an eclectic mix of businesses over the past 100 years or so, including a law firm, a tyre company, an art gallery, and a ladies hair stylist.
It became a restaurant in the mid-1980s, trading under Peter White and his wife as White's on the Green. Nightclub owner Robbie Fox later took it over and the name was changed to Baton Rouge.
Mr Shanahan, who was born in Boston and has dual Irish and US citizenship, took over the building in 1998 and spent a long period restoring the premises.
