Restaurant Patrick Guilbaud recovers from April revenue dip
, which has two Michelin stars, said on Tuesday it had recovered from a temporary dip in revenue in April due to
US President Donald Trump
's tariff announcement.
In an interview, co-owner Patrick Guilbaud said that business was steady in 2025 so far with a four to five per cent increase in revenues on last year.
'Business is very steady this year. It is quite good and is better than last year. We are very pleased.'
He said that the restaurant continues to aim for a third Michelin star. 'We do the best we can every day and are working very hard.' This year is the restaurant's 44th in business.
READ MORE
In reference to the impact on business of Mr Trump announcing planned US tariffs at the start of April, Mr Guilbaud said 'after the tariffs in April we had a drop in business for two to three weeks'.
Mr Guilbaud made his comments as accounts were filed by Becklock Ltd, trading as Restaurant Patrick Guilbaud, showed post-tax profits of €117,770 for the 12 months to the end of August last.
[
Patrick Guilbaud on moving to Dublin in the 80s: I remember asking for garlic at the market. 'Garlic - what do you mean garlic?'
Opens in new window
]
The post-tax profit of €117,770 was a 30 per cent decrease on the post tax profits of €167,554 for the prior year.
The profit last year takes account of non-cash depreciation costs of €292,627
At the end of August last, Becklock Ltd's accumulated profits totalled €2.51 million.
The company's cash funds increased from €869,055 to €1.38 million.
David McWilliams on how 'big incentives' to build could save Dublin city
Listen |
36:51
Staff costs declined from €1.7 million to €1.47 million as numbers employed reduced by one to 37.
Directors' pay more than halved from €439,448 to €211,000, consisting of emoluments of €99,000 and pension contributions of €112,000.
The restaurant's lunch menu costs €95 per person – the same price as this time last year while A La Carte ranges from €135 to €185 with the eight-course tasting menu costing €275 per person.
Mr Guilbaud no longer has a controlling stake in Becklock after transferring almost half of his share to his son, Charles, who is part of the management team. The transfer took place during the 2023/24 financial year
Charles has a 25 per cent share in the business as a result and has signed off on the 2024 accounts in his role as a director.
Other members of the board are listed as Stefan Robin, Guillaume Lebrun, Martin Naughton, Lochlann Quinn and Kieran Glennon.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Examiner
an hour ago
- Irish Examiner
ECB leaves interest rates unchanged as it assesses impact of Trump tariffs
The European Central Bank has left interest rates unchanged as it waits to see how big a blow US President Donald Trump's tariffs will inflict on the economy before deciding whether to cut rates again. The bank's governing council announced on Thursday at its headquarters in Frankfurt that it would leave its benchmark deposit rate at 2%. 'The economy has so far proven resilient overall in a challenging global environment,' said bank president Christine Lagarde at her post-decision news conference. 'At the same time, the environment remains exceptionally uncertain, especially because of trade disputes.' The ECB has already cut rates eight times since June of last year and Ms Lagarde said after the last policy meeting on June 5 that the central bank is 'getting to the end of a monetary policy cycle'. US President Donald Trump sent the EU a letter informing officials of a potential 30% tariff (Julia Demaree Nikhinson/AP) The monetary authority for the 20 countries that use the euro currency has been lowering rates to support growth after raising them in 2022-2023 to snuff out inflation caused by Russia's invasion of Ukraine and the rebound after the pandemic. With the benchmark rate now at 2%, down from a record high of 4%, analysts think there could be one more rate cut coming, but only in September. The reason, say analysts: The ECB's policymakers simply do not know the outcome of talks between the EU's executive commission and the Trump administration. Mr Trump first set a 20% tariff for EU goods, then threatened 50% after expressing displeasure at the pace of talks, then sent the EU a letter informing officials of a potential 30% tariff. EU officials earlier held out hope of winning at least the 10% baseline that applies to almost all trade partners, and analysts think the actual rate may be lower than Mr Trump's tariff threats. The talks are up against an August 1 deadline, but earlier deadlines have slipped as the sides kept talking. With signs of economic activity holding up reasonably well, the ECB can afford to wait and see what the outcome of trade negotiations will be. Higher tariffs, or import taxes, on European goods would mean sellers would have to either increase prices for US consumers – risking loss of market share – or swallow the added cost in terms of lower profits. In either case, higher tariffs would hurt export earnings for European firms and slow the economy, which would strengthen the case for another rate cut in September. The ECB's rate cuts have helped support economic activity by lowering the cost of credit for consumers and businesses to purchase goods. Higher rates have the opposite effect and are used to cool off inflation by reducing demand for goods. Growth in the eurozone was relatively strong at 0.6% in the first quarter – though that was partly thanks to rushed shipments of goods trying to beat the tariffs. Inflation has fallen from double digits in late 2022 to 2% in June, in line with the ECB's target. A stronger euro, which lowers the price of imports, and softer global prices for oil have helped keep inflation moderate. The stronger euro, up 13% this year at 1.17 dollars, has attracted attention as a potential damper on growth and ECB vice president Luis de Guindos said any rapid moves over 1.20 dollars could be 'much more complicated'. But the ECB typically does not target the exchange rate, and the euro's rise is considered to be less the result of Europe's strength and more the result of a weaker dollar weighed down by investor uncertainty about the future path of inflation, growth and government debt in the US.
Irish Times
an hour ago
- Irish Times
Fine Gael irked by Niall Collins's dismissal of blanket VAT cut for ‘price-gouging' hospitality sector
A row has emerged between Fianna Fáil TD Niall Collins and some Fine Gael representatives over his recent dismissal of a blanket cut to the VAT rate for the 'price-gouging' hospitality sector. Mr Collins, Minister of State at the Department of Justice, said luxury and five-star hotels benefiting from a universal reduction in the VAT rate to 9 per cent would sit 'very, very uncomfortably with me'. Fine Gael TD John Clendennen, who has previously worked in Irish and international hotel chains, questioned the Limerick politician's claim that the industry has engaged in 'immense' price gouging. Some Fine Gael Ministers also criticised Mr Collins for trying to 'split hairs' and for criticising a policy that would help support entry-level jobs in rural Ireland. READ MORE This week it emerged the full-year cost of the proposed VAT cut for the hospitality sector would be almost €1 billion, taking up the majority of the €1.5 billion tax package available for Budget 2026. It is understood the Government is now considering delaying the cut until the middle of next year and applying the cut to food and drink services but not accommodation. Mr Collins told Limerick's Live 95 radio station this week he is 'not convinced that a VAT reduction is merited within the hospitality sector'. He said there was 'little to no evidence' that a previous temporary reduction from 13 per cent to 9 per cent for the sector 'was actually passed on to the consumer'. 'There's no evidence that that ever happened. And secondly, we saw an immense amount of price gouging within the sector in recent years,' Mr Collins said. The Fianna Fáil TD said he would favour 'targeted interventions' for parts of the hospitality sector 'where there is a genuine threat of job losses'. Mr Collins repeated his opposition to a blanket VAT rate on RTÉ Radio 1 on Thursday morning. However, Mr Clendennen, a Fine Gael TD for Offaly, told The Irish Times he 'was not so sure' about Mr Collins's claim there was widespread evidence of price gouging in the hospitality sector. Mr Clendennan said many hospitality businesses have come under 'pressure' with rising costs. He said he is 'very much in favour of VAT 9 as a measure to help business'. 'I think we need to try to ensure that the maximum number of hospitality businesses can remain viable,' he said. Mr Collins's comments went down badly with Fine Gael Ministers, one of whom pointed out that he seemed to be at odds with Taoiseach Micheál Martin, who has indicated support for the measure this week. Another Fine Gael Minister said he felt Mr Collins was complicating matters by singling out luxury hotels. The Minister said it was difficult to hear 'a rural TD trying to split hairs' over something that would create and sustain entry-level jobs in his own constituency. 'People have been crying out for this,' the Minister said. Tánaiste Simon Harris had previously described the Government's commitment to cut VAT for the hospitality sector to 9 per cent as a 'solemn' vow. Mr Harris also told his parliamentary party last month that the measure would be included in Budget 2026.
Irish Times
an hour ago
- Irish Times
UK investor closing in on €115m purchase of Jervis Shopping Centre
A UK-headquartered investor is closing in on the purchase of the Jervis Shopping Centre in Dublin city centre for about €115 million. Pradera, a retail property investment and fund management specialist active across Europe, the UK and Middle East, has been selected as preferred bidder for the scheme. While the €115 million Pradera has offered to pay for the centre is less than the €120 million price that was guided by joint agents Eastdil Secured and Savills when they put it up for sale in March, it was enough to see off competing second-round bids from US investor Starwood and British billionaire Mike Ashley's Frasers Group. Interestingly, the proposed €115 million sale price is considerably more than the offers submitted in the first round of the sale process by other, predominantly Irish investors that included the Comer Group, Lugus Capital, and former Davy Real Estate chief executive David Goddard's Lanthorn. READ MORE None of these parties is understood to have tabled an offer in excess of €100 million for the scheme. [ Dublin's Jervis Shopping Centre to be put up for sale with €120m price tag Opens in new window ] Developed in the early 1990s on the site of the former Jervis Street Hospital by Padraig Drayne , Paddy McKillen and Paschal Taggart, Jervis Shopping Centre extends to more than 35,766sq m (385,000 sq ft) and has more than 90 retail units, including a foodcourt, across two floors supplemented by mezzanine floors. The centre's tenant line-up features national and international retailers including Tesco, JD Sports, Boots, Timberland, Bershka, Schuh, Sunglass Hut, Currys, Diesel, Rituals, KFC, Burger King and Butler's Chocolate Cafe. While the centre had counted Next among its occupiers for more than 20 years, the UK fashion retailer relocated to a new flagship premises nearby at 7-9 Henry Street in late 2018. More recently, the Jervis Shopping Centre suffered a blow with the decision by New Look to exit the Irish market. The UK discount fashion retailer is understood to have been paying about €2 million a year in rent for its Jervis store which, at 3,716sq m (40,000sq ft), was the largest in its chain of more than 1,000 outlets worldwide. In 2017, AIB Real Estate Finance provided a €155 million loan to refinance the Jervis Shopping Centre. The seven-year loan was made available to a company controlled by Mr Drayne and Mr McKillen.
