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Dublin's Restaurant Patrick Guilbaud Records Losses For Last Year

Published on Jul 23 2021 10:52 AM in Restaurant tagged: Trending Posts / Patrick Guilbaud / Restaurant Patrick Guilbaud / Becklock Ltd / Becklock

Dublin's Restaurant Patrick Guilbaud Records Losses For Last Year

Dublin's Restaurant Patrick Guilbaud has recorded losses for last year.

As reported by The Irish Times, Restaurant Patrick Guilbaud has recorded losses of €662,998 for last year due to the COVID-19 pandemic.

Patrick Guilbaud Statements

The Irish Times quotes the two Michelin star restaurant's co-owner, Patrick Guilbaud, as saying in response to the accounts filed by the restaurant's company, Becklock, "We have to rebuild the business from now when the Government allows us to re-open."

Last year's post-tax losses of €662,998 follow post-tax profits of €873,643 in 2019 and €524,952 in 2018.

Guilbaud reportedly said that the last year "has been a disaster, but we will survive and make sure that we get better and make money in the next few years", but that ahead of the resumption of indoor hospitality services on Monday July 26, the restaurant is "very busy bookings wise."

Guilbaud reportedly said, "We had a good business before and I don't see why we won't have a good business when we come back.

"I can't think of anything better of opening the place and being busy and selling good food and good wine. We are ready to go.

"I don't think we will close again with the vaccine rollout. We have to learn to live with it. Next year will be a better year."

Guilbaud reportedly said that the restaurant’s greatest asset is its staff.

Pandemic Impact

The accounts reportedly cover the first five months of the pandemic and a note attached to them reportedly states that during the period from March to the end of August of last year, the company laid off employees and reduced working hours for employees who were not laid off.

Separate figures published by Revenue reportedly show that Becklock was one of the 66,500 employers to avail of the Temporary Wage Subsidy Scheme.

The company reportedly believes that it is "well positioned to return to full trading capacity once the period of uncertainty passes."

Additional Statistics

Another factor behind the losses at the company last year was reportedly a more than sevenfold increase in its pension contributions to directors from €54,808 to €415,815.

Directors' salaries reportedly decreased from €376,084 to €260,637.

The company's overall wage bill for last year reportedly amounted totalto €1.32 million.

The company's accumulated profits reportedly decreased from €2.56 million to €1.9 million at the end of August of 2020, and its cash funds reportedly decreased from €1.65 million to €706,444.

© 2021 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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