The hospitality group that rescued Four Star Pizza went into the red in 2011 to record losses of €3 million, new figures show. The Michael Holland-controlled Gonville group of companies also operates the five-star Fitzwilliam hotel on St Stephen’s Green and the Bailey bar in Dublin.

New accounts show that a combination of property and investment writedowns contributed to the €3 million loss. This followed a profit of €3 million in the previous 17-month period. The group increased operating profits by 23 per cent, from €2 million to €2.48 million. However, a €4.4 million writedown in investments, a deficit of €7.4 million on property revaluation, along with interest payments of €1.4 million, combined to give the overall loss of €3 million. That also took into account profits of €8 million from minority interests.

According to the directors’ report, significant progress has been achieved in stabilising the Four Star Pizza master franchise for Ireland and Britain.