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Restaurant

Company That Operates Five Guys In Ireland Records Loss Of €1.1m

By Dave Simpson

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.

Additional Statistics

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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.

© 2020 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.

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