Losses narrow at Kevin Thornton's Michelin-starred restaurant

The abridged accounts just filed to the Companies Office by Conted Ltd show that the business recorded an after tax loss of €5,631 to the end of August last year.

It recorded a loss of €9,504 in 2012.

The figures show that the firm was sitting on accumulated losses of €79,260 last year as its cash pile decreased sharply from €120,262 to €80,161.

In a note attached to the accounts, Conted Ltd's directors, Kevin Thornton and his wife, Muriel, state they have "considered the uncertainty in the current economic and financial environment and are confident that the company will be in a position to trade through these difficult trading circumstances and continue to take appropriate steps to manage its business activities in this environment."

The note states that "the shareholders have indicated their willingness to continue to provide continued financial support".

The note discloses that in July 2013, the firm entered into an agreement with the company behind the five-star Fitzwilliam hotel, Ampleforth Ltd, "whereby Ampleforth Ltd carry on the trade of the restaurant and the company provides the restaurant management services".

Thornton's - one of nine Michelin-starred Irish restaurants - is housed in the five-star Fitzwilliam hotel on Dublin's St Stephen's Green.

A separate note states that included in turnover are management fees of €84,867 invoiced to Ampleforth during the year as part of the new management agreement.

The note adds: "Ampleforth Ltd also invoiced the company rent and service charges totalling €111,262 during the year." Mr Thornton was unavailable for comment yesterday.