The company behind the popular Fallon & Byrne restaurant in Dublin city centre reduced its losses in 2023 as it reported 12 per cent growth in its revenues for that year, with its owners stating that the underlying business is now “self-sustaining”.
Abridged accounts just filed for Fallon & Byrne Ltd show it made a loss during that period of €564,046, down from a deficit of €639,301 in the previous 12 months.
This increased its accumulated losses to €4.7 million. The hospitality company closed the year with €1.3 million in cash, up from just over €1 million a year earlier.
In a statement issued to The Irish Times, a spokesperson for Fallon & Byrne said: “The trading environment for the hospitality sector has been challenging in recent years. However, because of a multiyear investment programme funded by its committed shareholders, Fallon & Byrne is bucking the trend in the sector, with its performance steadily improving in the post-Covid era.
“The underlying business is strong, with revenue increasing year on year. There was a 12 per cent uplift in 2023, a further increase of 7 per cent in 2024, and that upward trend is continuing into 2025 with solid demand experienced across all parts of the organisation. The underlying business is robust and is now at a point where it is self-sustaining.
“The shareholders remain committed to delivering a premium product in the restaurant and food sectors.”
Fallon & Byrne is owned by Greenwood Ltd, whose shareholders are Madeleine and Edel Delaney. Just under €3.4 million was owed to related parties at the year end, up from €2.7 million a year earlier, according to the accounts.
A going concern note to the accounts states the company had availed of Revenue’s Covid-related debt warehousing scheme in relation to payments that would have been due between January 2020 and April 2022.
Founded in 2006 and located on Exchequer Street in Dublin 2, the venue comprises a ground floor food hall, a wine bar, restaurant and events space. The business had 154 staff during 2023, a reduction of three on the previous year.
Directors’ remuneration in 2023 reduced to €18,000 from €27,000 a year earlier.
