Restaurant Patrick Guilbaud to return to profit after two years of Covid losses
Gordon Deegan
The co-owner of one of Ireland's most celebrated restaurants, Restaurant Patrick Guilbaud said the business is on course to return to profit this year after two years of Covid-19 related losses.
In an interview, Patrick Guilbaud said: “Business is good. We are full all the time for dinner and lunch."
He said: "From this year we will be back in profit which is good and we will make up for some of our losses."
Mr Guilbaud was commenting on new accounts for the restaurant’s Becklock Ltd which show that the business recorded a modest post tax loss of €19,679 in the 12 months to the end of August 2021.
The €19,679 loss takes account of non-cash depreciation costs of €78,179.
The post tax loss of €19,679 last year followed €662,998 in post tax losses in the 12 months to the end of August 2020.
The Covid-19 enforced closure losses at the restaurant, housed in the five star Merrion hotel in Dublin, followed record profits of €873,643 in 2019 and €524,952 in 2018.
Mr Guilbaud said that last year “was a very tough year”.
He said: “We still have to be careful at what we do. Capacity is down due to Covid but we are booked out all the time."
Mr Guilbaud said that he is delighted that the restaurant is re-opened after Covid-19 closures. He said: “I don't think we will be closing again.”
Michelin star
During its 40 years in business, the restaurant has weathered five recessions before the pandemic shut down the business for long periods since March 2020.
Mr Guilbaud said that the restaurant recently retaining its two Michelin stars was “important to us”.
He said that "the biggest challenge right now is to manage our staff but to be fair we have been very lucky that we have been able to keep our staff and they came back to us.”
At the end of August last, Becklock’s accumulated profits stood at €1.88 million. The company's cash funds increased by €536,827 from €706,444 to €1.24 million.
Staff costs last year declined from €1.32 million to €823,523. Directors’ pay declined sharply by 73 per cent from €686,453 to €183,326.
