Chef Dylan McGrath saw his company behind the Rustic Stone restaurant swing to profit. Photograph: Dara Mac Dónaill / The Irish Times
New accounts filed by McGrath’s Prime Steak Ltd show that the firm achieved debt writedowns of €2.25m to connected firms arising from Prime Steak Ltd entering and successfully exiting the Small Company Administrative Rescue Process in the 12 months to the end of June 2023.The profit for the 12 months to the end of June 2023 followed losses of €898,318 in the prior 12 months.
A note states that “transactions in the year include a write off of amounts due as a result of Scarp”.The company employed 24 at the end of June 2023. When Prime Steak Ltd and Home BVBR Ltd entered the Scarpprocess in 2022, Mr McGrath said he was “confident the restaurants have excellent prospects going forward, once we reorganise the businesses through this process.”
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