Beyonce visit helps boost McGrath eatery cash pile

Beyonce and Jay Z last year helped the cash pile at the Dylan McGrath-run restaurant, Fade Street Social more than double to €227,664.

New figures lodged with the Companies Office show that in its first full year of operation, the cash pile at Prime Steak Restaurant 2012 Ltd increased from €106,449 to €227,664.

The Dublin restaurant first opened its doors in November 2012 and the firm’s accounts show that its accumulated losses in the 12 months to the end of December last year rose from €39,026 to €83,967.

Beyonce and Jay Z were just two of the celebrities to eat at the restaurant last year and the accounts show that the business received a cash injection of €100,000 during the year.

Auditor for the firm, Adrian Kennedy confirmed that the business was loss-making in 2013.

The €44,941 increase in accumulated losses last year included a non-cash depreciation cost of €172,227.

Mr McGrath, who formed the double act with Nick Munier on RTÉ’s Masterchef, sits on the board of the firm with Vincent Melinn, Gerard Melinn and Brian Farrell and the figures show that the directors provided an additional €378,132 in loans to the business in 2013.

The amount the firm owed to Brian Farrell at year end was €300,000, while Vincent Melinn was owed €116,178.

Fade Street Social’s sister restaurant is the nearby Rustic Stone on Dublin’s South Great Georges Street.

Mr McGrath first shot to fame after securing a Michelin star at his Mint restaurant in Ranelagh that subsequently went out of business.

He was born in Dublin and lived in Co Carlow until age six before being brought up in west Belfast and going on to attend catering college.

In a press interview last year, Mr McGrath said: ”Today, I have a lot of clarity, I stand back and I’m creative and able to use that part of my brain that used to be just about dishes.

“My days of screaming at someone over a chicken jus, they’re over.”