The decorated Dublin restaurant co-owned by the ‘Queen’s chef’, Ross Lewis, is enjoying the fruits of the capital’s boom in fine dining, by recording weekly revenues of over €51,000.
Showing that there is good money to be made in tasty stuffed pig’s tails and carpaccios of veal, new figures show Mr Lewis’s Chapter One restaurant marginally increased its revenues to €2.698m in the 12 months to the end of February 2015.
Chapter One on Dublin’s Parnell Square is one of nine Michelin-starred restaurants in Ireland and in a rare detailed insight into the finances of a Michelin-starred restaurant here, the firm’s accounts show that the business broke even last year, recording a modest loss of €595.
However, the small loss, following the previous year’s pre-tax profits of €12,776, arises from Mr Lewis and his fellow director and shareholder, Martin Corbett increasing their aggregate pay last year by 44% from €366,416 to €530,434.
Food author and Cork native, Mr Lewis had the distinction of leading the team that cooked for Queen Elizabeth at a state banquet at Dublin Castle during the Queen’s 2011 visit.
Mr Lewis is widely regarded as one of Ireland’s finest chefs and, earlier this year, expanded his food operation with the opening of Italian restaurant, Osteria Lucio on Dublin’s Grand Canal Quay.
The Chapter One business continued to enjoy the ‘Royal Dividend’ last year with the weekly revenues of €51,895, even with the restaurant closed on Sunday and Monday of each week.
The business also enjoyed additional income last year of €184,200, that included €179,634 under the heading of ‘Un-presented voucher claw back’ with no further explanation provided on the substantial un-presented voucher income.
The modest loss last year also takes account of non-cash depreciation costs of €104,052.
The directors state they “are satisfied with the performance of the company given the difficult trading conditions facing the hospitality sector in Ireland”.
The restaurant last year recorded a gross profit of €1.84m after cost of sales of €850,161 are taken into account.
However, direct costs of €1.13m; discretionary administrative costs of €690,471 and non-discretionary administrative costs of €184,200 resulted in total administrative expenses of €2m.
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