Restaurant Patrick Guilbaud, located in Dublin beside the Merrion Hotel, experienced a 51pc drop in post-tax profits in 2023, with post-tax profit decreasing to €167,554 compared to €344,600 in the previous year.
Higher overhead costs were cited as the reason for the profit slump, with owner Patrick Guilbaud explaining the challenges of absorbing increased expenses without passing them entirely to customers to avoid losing their loyal customer base.
The business maintains pricing for its lunch menu at €95 per person, a la carte ranges from €120 to €170, and the eight-course tasting menu costs €260 per person, with Mr. Guilbaud mentioning that prices are relatively lower compared to equivalent restaurants in cities like Paris and New York.
Despite the profit decline, Restaurant Patrick Guilbaud remains popular and full most of the time, with a focus on managing overhead costs more effectively and ensuring continuity by gradually transferring ownership to the next generation, as seen in Charles Guilbaud holding a 24pc share in the business after Mr. Guilbaud transferred half of his share. Staff costs increased to €1.7m with 38 employees, while directors’ pay decreased by 18pc to €439,448, including emoluments and pension contributions.
