Fitzers plunges into the red with €1m losses

THE company that operates Frankie Dettori and Marco Pierre White’s Dublin restaurants bounced back into the red last year with pre-tax losses of just over €1 million.

This followed a pre-tax profit of €539,621 in the previous year.

According to accounts just filed for Fitzers Holdings for the year to the end of December 2009, turnover fell slightly last year from €6.9m to €6.3m.

The company said the results for the year were considered satisfactory in view of the significant refurbishment costs incurred during the year.

“The directors are confident that the brand strength will continue to maintain its high-profile sector for the foreseeable future,” the accounts read.

They added that there are no future developments envisaged which would materially affect the nature and level of the company’s activities.

The company’s wage bill was down from €2.4m to €2.1m last year as it employed less people. Staff numbers fell from 130 to 118.

The directors are listed as Padraic, Geraldine and Frank Fitzpatrick and Desmond Barker.

Directors salaries in the year fell from €700,000 to €550,000.

The directors did not recommend the payment of a dividend. It is proposed that the retained loss of €1,022,193 be transferred to reserves.

Fitzers also operates a cafe in the National Gallery of Ireland. Frankie’s Bar and Grill is the latest chain to be added to its portfolio. It opened in 2009. Fitzers is understood to have invested €5m in the opening of the outlet. The restaurant can seat up to 150 people.