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Dublin: 10 °C Friday 18 October, 2019

Sales at Irish branches of KFC fell almost 10pc in 2010

The company which operates 18 KFC franchises on the island of Ireland says sales dipped, as it recorded a €2m loss.

Image: Paul Sakuma/AP

THE COMPANY which operates 18 Irish franchises of the fast food chain KFC has reported a 9.7 per cent fall in sales for 2010, as it recorded a loss of €2 million for the year.

Herbel Restaurants Ltd, which operates a chain of the restaurants in Ireland, said its retail sales had fallen from €20.8 million in 2009 to €18.7 million in 2010.

Accounts filed with the Companies Registration Office show the company as having met administrative expenses of €10.5 million, from just over €9 million the previous year.

Overall the company declared an after-tax loss of €2,048,000, largely as a result of having to pay interest of €3.86 million on bank borrowings, which totalled over €65 million.

It also wrote down the value of some fixed assets by €668,063, though its tangible fixed assets remained valued at almost €112 million.

The company said its loan facilities had been due to expire in March and June 2011, and while it did not have a binding agreement to renew these loans, it was confident that it would be able to do so.

The company had reported an after-tax loss of €469,722 the previous year. It paid Irish corporation tax of €148,097 in respect of its operations for 2010, down from €356,690 in 2009.

Wages for the company’s 228 staff cost €5.45 million for the year, with a further €401,145 in social welfare costs.

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Gavan Reilly

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