The company behind the popular Fallon & Byrne restaurant in Dublin city centre reduced its losses in 2024 as it reported 7 per cent growth in its revenues for the year, with the owners stating that it is now “self-sustaining”.
Accounts just filed for Fallon & Byrne Ltd show it made a loss during that period of €396,589, down from a deficit of €564,046 in the previous 12 months.
This increased its accumulated losses to more than €5.1 million. The hospitality company ended the year with €1.8 million in cash, up from €1.3 million a year earlier.
The directors report states that the business “continued to improve in 2024, delivering revenue growth, stronger gross margins, improved operational efficiency and a return to Ebitda [earnings before interest, tax, depreciation and amortisation] profitability”.
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“During the year, we invested significantly in essential equipment, store enhancements and the development of our people, ensuring Fallon & Byrne remains a high-quality retail and hospitality destination.
“While legacy tax debt continues to weigh on the business, the underlying performance has improved considerably, giving the directors confidence in the ongoing recovery.”
Fallon & Byrne availed of the Revenue’s warehoused tax debt scheme during the Covid pandemic with the accounts noting that repayment was renegotiated in April 2024.
While the sum owed is not explicitly set out, the accounts showed that, at the year end, €951,253 was due in tax and social insurance payments within 12 months with another €2 million due after more than a year.
The company closed the year also owing €4.2 million to its parent entity, Greenwood Ltd, whose shareholders are Madeleine and Edel Delaney.
In a statement to The Irish Times on the 2024 accounts, a company spokeswoman said: “The directors are pleased that the overall performance at Fallon & Byrne improved again this year. There has been a substantial uplift across all parts of the business since 2022, and this positive trajectory has continued into 2025.”
“Based on the recent performance of the business and early bookings for 2026, we are positive about the year ahead. The relentless focus on cost management and improved operational efficiency is delivering results, while the investment in the premises and in our people is ensuring that we are consistently delivering a quality product to our customers.
“We are seeing this reflected in a sustained and continuous increase in revenues. With the business now self-sustaining and a pretax Ebitda achieved in 2024, we are confident that Fallon & Byrne’s performance will continue to improve and the business is in a good place from which to grow.”
Founded in 2006 and located on Exchequer Street in Dublin 2, the venue comprises a ground floor food hall, a wine bar, restaurant and events space. The business had 154 staff during 2024, a reduction of three on the previous year.
