Brett, Ross and Dery Desmond, sons of the billionaire financier Dermot Desmond, brought the US fast/casual-food franchise here a decade ago, in 2016.
New accounts for the Desmond family’s Anart Restaurants Ltd show that it recorded post-tax profits of €91,907 in the 12 months to the end of last June, which compares to post-tax profits of €54,816 for the previous year.
Five Guys operates four burger outlets around Dublin, at South Great George’s Street, the Pavilions shopping centre in Swords, the Dundrum shopping centre and at Liffey Valley shopping centre.
Numbers employed by the business declined by four from 102 to 98, which comprises 92 in-store crew and six in management.
The accounts show that Brett Desmond resigned as a director of the firm on February 12, last year.
The profit last year takes account of non-cash depreciation costs of €426,818 as the book value of the company’s tangible assets reduced to €1.74m.
It reduced the company’s accumulated losses to €2.6m at the end of last June.
The accounts are abridged and do not provide a revenue figure. The company’s cash funds last year reduced from €258,013 to €76,127.
The accounts were prepared on a going-concern basis “and the company’s ability to continue as a going concern is dependent upon its ability to trade profitably in the future,” it said.
The group says it will not seek repayment for the €3.24m owed, which compares to €4.14m one year previous, until the company has sufficient resources to meet this obligation.
Anart Restaurants Ltd is a subsidiary of the Jersey-based Hasco Ltd. The accounts state that the consolidated accounts for Hasco are not publicly available. A note attached to the accounts states that the ultimate controlling party is the Desmond family.
Five Guys was first established by the Murrell family in 1986 in the US state of Virginia.
The first Five Guys in the UK opened in Covent Garden in 2013 through a joint venture between the Murrells and Charles Dunstone’s investment vehicle.
The most recent accounts for Five Guys JV Ltd for 2024, show that it recorded operating profits of £29m after revenues had increased from £316.42m to £320.8m.
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