Celebrity chef’s Michelin-starred eatery sees losses narrow sharply

Losses narrowed sharply last year at one of thecountry’s most exclusive restaurants — the Michelin-starred Thornton’s — owned by celebrity chef Kevin Thornton.

Abridged accounts just filed with the Companies Office by Conted Ltd, trading as Thornton’s Restaurant, show that the business recorded an after-tax loss of €5,631 in the 12 months to the end of August, after recording a loss of €9,504 in 2012.

The figures show that the firm was sitting on accumulated losses of €79,260, last year, as its cash pile decreased sharply from €120,262 to €80,161.

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 shareholders have indicated their willingness to continue to provide continued financial support,” it added.

The directors’ note also discloses that in July 2013, the firm entered into an agreement with the company behind the five-star Fitzwilliam Hotel, in Dublin — Ampleforth Ltd — “whereby Ampleforth Ltd carry on the trade of the restaurant and the company provides the restaurant management services”.

Thornton’s is housed in the five-star hotel on St Stephen’s Green, and the note states “in view of the foregoing, the directors are of the opinion that the accounts should be prepared on a going concern basis”.

A separate note states that included in turnover are management fees of €84,867 invoiced to Ampleforth during the year as part of the new agreement. The note adds that Ampleforth Ltd also invoiced the company rent and service charges totalling €111,262 during the year. There was a balance of €27,952 owed to Ampleforth at the balance sheet date.

The modest losses of the last three years follows the firm recording profits of €19,234 in 2010 and €37,990 in 2009.