New accounts lodged by Anart Restaurants Ltd - the company run by brothers Brett, Ross and Dery Desmond, who brought the Five Guys franchise to Ireland in 2016 - have revealed that the firm experienced a loss of €1.1 million during the year that on March 31, 2019.
The €1.1 million loss, which takes account of €224,415 in non-cash deprecation costs, followed a loss of €175,427 the previous year.
Anart's accumulated losses amounted to €1.5 million at the end of March of 2019.
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Additionally, the number of people employed by the company increased from 49 to 96 during the twelve month period due to an increase in the number of outlets it operates; the company's fixed assets increased from €978,217 to €3.7 million, also as a result of the increase in the number of outlets it operates; and the company's cash pile increased from €128,223 to €184,188, as reported by rte.ie.
Anart's expansion during the twelve month period was funded by additional loans of €2.54 million from group undertakings and contributed to the company's losses.
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