Start-up costs at the new Dublin restaurant owned by Nick Munier led to the venture accumulating losses of €255,290 in its first year.
Avenue opened in Temple Bar in April of last year to glowing reviews and much anticipation with the opening day of service booked out.
Accounts for Munier Ltd, the upmarket French eatery’s holding company, show the accumulated losses for the period between its establishment in October 2014 to the end of last September.
Mr Munier — a co-host of the Irish version of television show Masterchef — is 100% owner of the business, following the resignation of former co-director Enda McCabe in February of this year.
In the period under review, the directors ploughed €193,449 into the business via interest free loans, with €81,000 of that having been repaid.
The accounts show that the directors took no pay from the business during its first year.
The funding of the business by the directors has also resulted in the company’s exposure to bank loans being limited to €26,968.
Numbers employed by the business at the end of September last totalled 26 with staff costs for the year totalling €307,874.
After Mr Munier first came to attention, through his appearance on the UK television show Hell’s Kitchen, he made his name here with the success of Dublin restaurant Pichet, which opened in 2009.
A deal that resulted in the exit of Mr Munier from Pichet last year was valued at €218,410.
In December 2014, Mr Munier initiated High Court proceedings aimed at having a deal to buy out his shareholding in Pichet implemented.
Four days after the High Court proceedings were initiated, Pichet and Mr Munier struck a deal valuing Mr Munier’s shareholding at €218,410 with the company buying his share out.
The detail was revealed in documents lodged with the Companies Office relating to the contract between Mr Munier and Pichet’s firm, Dillmel Ltd for the off-market purchase of the shares.
Mr Munier co-founded the restaurant on Dublin’s Trinity St with chef Stephen Gibson and the two together built up a vibrant business.
Pichet opened up in July 2009 and within six weeks was breaking even.
It quickly securing a Bib Gourmand from the esteemed Michelin Guide.
Mr Munier could not be reached yesterday for comment.
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