New accounts lodged by Anart Restaurants Ltd - the company run by brothers Brett, Ross and Dery Desmond, who brought the Five Guys franchise to Ireland in 2016 - have revealed that the firm experienced a loss of €1.1 million during the year that on March 31, 2019.
The €1.1 million loss, which takes account of €224,415 in non-cash deprecation costs, followed a loss of €175,427 the previous year.
Anart's accumulated losses amounted to €1.5 million at the end of March of 2019.
Additional Statistics
Additionally, the number of people employed by the company increased from 49 to 96 during the twelve month period due to an increase in the number of outlets it operates; the company's fixed assets increased from €978,217 to €3.7 million, also as a result of the increase in the number of outlets it operates; and the company's cash pile increased from €128,223 to €184,188, as reported by rte.ie.
Anart's expansion during the twelve month period was funded by additional loans of €2.54 million from group undertakings and contributed to the company's losses.
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