Michelin-star restaurant dips into red

One of the country’s most exclusive restaurants, the Michelin-starred Thornton’s, owned by celebrity chef Kevin Thornton, dipped into the red last year.

The abridged accounts just filed to the Companies Office by Conted Ltd trading as Thornton’s Restaurant, show that the 80-seater restaurant recorded an after tax loss of €1,595 to the end of Aug last year after two years of recording profits.

The firm’s balance sheet showed accumulated losses of €73,429 at the end of August last.

In a note attached to the accounts, Conted Ltd’s directors, Kevin Thornton and his wife, Muriel, state they have “considered the uncertainty in the current economic and financial environment and are confident the company will be in a position to trade through these difficult trading circumstances and continue to take appropriate steps to manage its business activities in this environment”.

The note states that “the shareholders have indicated their willingness to continue to provide continued financial support”.

It adds: “In view of the foregoing, the directors are of the opinion that the accounts should be prepared on a going concern basis.”

The minor loss last year follows the firm recording profits of €19,234 in 2010 and €37,990 in 2009.

The company’s net liabilities and the financial statements being prepared on a going concern basis also drew the attention of the company’s auditors, Howarth Bastow Charlton.

As Conted Ltd is a small company, the accounts are abridged and do not disclose turnover, salaries or dividends, if any, received by the Thornton’s last year.

The figures do show the firm’s cash decreased last year from €190,315 to €162,950.

The couple first established Thornton’s restaurant in Portobello, Dublin, in 1995 before moving to the present location on St Stephen’s Green in 2002.

Cashel native, Kevin Thornton was the first Irish chef to receive the rare accolade of two Michelin stars.

Thornton’s is today one of only six Irish restaurants to have a Michelin star — Patrick Guilbaud in Merrion Square is Ireland’s only two-star restaurant.

The profile of Thornton’s restaurant has increased in recent years with Kevin Thornton’s appearances on a number of TV programmes.

Mr Thornton did not return a call for comment yesterday.