Pre-tax profits at TV chef Martin Shanahan’s Fishy Fishy restaurant in Kinsale last year surged by 53 per cent to €388,229. Accounts show that Mr Shanahan’s Kinsale Gourmet Store Ltd enjoyed the growth in profit as it benefited from the easing of Covid-19 restrictions here during the summer of 2021.
The award-winning restaurant had pre-tax profits of €252,839 in 2020.
The business – which employed 36 people last year – benefited from the “staycationer” boost during the summer 2021 as most people opted to holiday here rather than overseas.
The accounts, signed off on September 22nd, show that accumulated profits at the business increased from €3 million to €3.33 million. During the same period the company’s cash funds almost doubled from €647,563 to €1.13 million.
The restaurant has retained its Michelin Bib Gourmand accolade which recognises restaurants that offer good food at affordable prices.
The firm’s post-tax profits last year stood at €336,639. The profit last year takes account of non-cash depreciation costs of €98,767. The abridged accounts don’t provide a revenue figure for the year.
One of the country’s leading seafood chefs and TV chef, Mr Shanahan established Fishy Fishy in 2006, and it today has capacity for 160 customers with seating for 90 patrons downstairs, 40 upstairs and 30 outside.
The restaurant includes The Blue Room which opened in 2019 and has a private bar and harbour-viewing balcony.
The value of the company’s fixed assets decreased marginally from €3.69 million to €3.61 million last year.
Directors’ pay last year increased more than three fold from €99,087 from €310,096, made up of remuneration of €122,598 and pension contributions of €187,498.
The restaurant is run by Martin and his wife Marie Shanahan. The two opened their original Kinsale Gourmet Store in 1990.
