The Indo Daily: What next for Dylan McGrath as Fade Street empire on the brink
Barrister Ross Gorman said the company's board of directors had decided on June 26 to seek the protection of the court from its creditors by the appointment of an examiner.
Mr Gorman, who appeared with BHSM Solicitors for the company, told Judge O'Connor that Mr McGrath of Mespil Road, Ballsbridge, Dublin 4, and Vincent Melinn of Howth Lodge, Howth Road, Co Dublin, own 50pc of the company's share capital. He said the company has 86 employees whose jobs could be saved under a scheme of arrangement with its creditors.
So how did the high-flying chef of the Celtic Tiger era end up here, and was the temper part of the act, or just part of the pressure cooker?
Today on The Indo Daily, Fionnán Sheahan is joined by John Mulligan, Senior Business Journalist with the Irish Independent, and Melanie Finn, Entertainment Correspondent with The Irish Independent, to look at how Ireland's original 'bad boy' chef went from Michelin stars to mounting debts.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Examiner
14 hours ago
- Irish Examiner
Flat-rate Vat removal to cost average broiler farm €12,000 a year
Removal of flat-rate Vat may cost the average poultry broiler farmer more than €12,000 per year. The Revenue Commissioners have said overcompensation of all flat-rate farmers involved in chicken production amounted to about €7 million in 2017. Revenue considers that the yearly overcompensation is approximate to the level identified in 2017, and it continued since then. The average overcompensation is around €12,500 per year, if the 560 or so poultry breeding, hatching and rearing farms in Ireland are included. The flat-rate scheme compensates farmers, that are not Vat-registered, for the Vat incurred by them on input costs used in the course of their farming activities. This is achieved through the addition of a flat-rate percentage (currently 5.1%) to the price charged by the farmer for their supplies to Vat-registered persons (such as a meat-processing business, in the case of poultry). The flat-rate scheme also reduces farmers' administrative burden of registration and returns. The scheme is provided for under EU legislation. However, a key element is that it should not lead to farmers being overcompensated for Vat incurred by them on their business costs. Following an investigation in 2018, Revenue determined that there was a significant amount of overcompensation in the poultry sector. The matter was re-examined over the last 18 months, and it has been determined that overcompensation is still occurring. This resulted in finance minister Paschal Donohoe's recent decision to remove the sector from the scheme. From September 1, 2025, farmers in the poultry (broiler) sector will not be able to charge the flat-rate addition on the sale of their goods and services. Instead they will be required to register for Vat, if the level of their poultry broiler business is above the relevant Vat registration threshold in order to claim back Vat on their inputs (but farmers can register for Vat even if they are operating below this threshold). The Vat registration thresholds are €42,500 for services and €85,000 for goods. Minister Donohoe said he is required to have regard for the welfare of all farmers who avail of the scheme (more than 85% of Irish farmers avail of the flat-rate scheme). "As the EU Vat Directive does not permit overcompensation, failure to take this action could undermine the integrity of the scheme as a whole". I understand the concern this will cause amongst impacted farmers, and want to emphasise that every effort was made to find a resolution for our poultry sector. However, this matter has come to a head and must be addressed. "I have asked Revenue to provide the appropriate level of assistance and guidance on this matter to the affected farmers. In this regard, queries can be directed to businesstaxesregistrations@ IFA Poultry Chair Nigel Sweetnam said the decision to exclude a single sector is unprecedented. He said most broiler poultry farmers also have suckler, beef, dairy, or sheep enterprises, and this complexity will make compliance with the new Vat rules more difficult, as the farmers must separate their farm enterprises for Vat purposes. The change could possibly be the first of many in Vat for farmers. Accountants say no clear intention in Vat modernisation has been published by Revenue, but it is likely that all farmers could eventually fall into the Vat net over a number of years. Following a complaint about the poultry sector, Revenue undertook a comprehensive review in 2018 to establish if there was evidence of overcompensation. This review, provided to the minister for finance in 2019, established that there was a very significant overcompensation. Due to other factors, including Brexit and the covid-19 pandemic, this matter was not further considered until July 2023. Officials in the Department of Finance and Revenue said additional information provided by the sector indicated that while the overcompensation had reduced from the initial Revenue report, it was still quite significant. Together with the CSO, they investigated the possibility of creating a sector-specific flat-rate percentage for the poultry broiler sector. Unfortunately this was not possible, but if it is developed in the future, the sector could be reinstated within the flat-rate addition scheme. The poultry broiler sector has about 430 chicken farms, and 32 duck and 100 turkey farms and produces 170,000 tonnes of poultry meat. Read More Is it the thin end of the wedge for flat rate Vat compensation scheme?
Irish Times
a day ago
- Irish Times
Restaurant Patrick Guilbaud recovers from April revenue dip
Restaurant Patrick Guilbaud , 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.
Irish Independent
a day ago
- Irish Independent
High-end Restaurant Patrick Guilbaud says trade has recovered after tariffs dip
In an interview, Patrick Guilbaud said that business is steady in 2025 with a 4-5pc increase in revenues on last year. He said: 'Business is very steady this year. It is quite good and is better than last year. We are very pleased." In reference to the impact on business President Donald 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 on new accounts filed by Becklock Ltd, trading as Restaurant Patrick Guilbaud, show post tax profits of €117,770 for the 12 months to the end of August last. 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 €2.51m. The company's cash funds increased from €869,055 to €1.38m. Staff costs declined from €1.7m to €1.47m as numbers employed reduced by just one to 37. Directors' pay more than halved from €439,448 to €211,000 made up of emoluments of €99,000 and pension contributions of €112,000. Mr Guilbaud said that the restaurant continues to strive for the third Michelin star. He said: 'We do the best we can every day and are working very hard.' This year is the restaurant's 44th year in business and Mr Guilbaud said that a team is in place to make sure that the restaurant can thrive for years to come. The lunch menu at the two Michelin star Restaurant Patrick Guilbaud 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 during the 2023/24 financial year almost half of his share to his son, Charles who is part of the management team Charles has a 25pc 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 Stephen Robin, Guillaume Lebrun, Martin Naughton, Lochlann Quinn and Kieran Glennon.
