Bewley’s cafe on Grafton Street records loss of €1.7m

Bewley’s cafe on Grafton Street in Dublin made a loss of €1.7 million last year due to Covid-19 lockdown restrictions and not being able to secure a rent reduction from its landlord, Johnny Ronan’s Ronan Real Estate Group, new accounts show.

A note to the accounts for Bewley’s Cafe Grafton Street Ltd states that while its directors “expect” the company’s parent entity – coffee group Bewley’s Ltd owned by artist Paddy Campbell – to provide “sufficient discretionary financial support to enable” the cafe business to “continue to operate as a going concern for the foreseeable future” this had not been “formalised” at the time the financial statements were signed off on November 10th.

As a result, there exists a “material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern and that the company may as a consequence be unable to realise its assets and discharge its liability in the normal course of business”, the accounts state. The cafe posted turnover of just under €1.2 million last year, up from €990,000 in 2020, when the pandemic first impacted on the economy. However, costs of near €2.7 million, including rental costs to Mr Ronan’s company of just under €1.5 million, and an interest charge of €202,000 pushed the company into the red.

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