{"id":162758,"date":"2025-11-27T16:24:08","date_gmt":"2025-11-27T16:24:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/162758\/"},"modified":"2025-11-27T16:24:08","modified_gmt":"2025-11-27T16:24:08","slug":"profits-slide-at-firm-behind-irelands-oldest-mcdonalds-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/162758\/","title":{"rendered":"Profits slide at firm behind Ireland\u2019s oldest McDonald\u2019s \u2013 The Irish Times"},"content":{"rendered":"<p class=\"c-paragraph paywall \">The operator of the first <a href=\"https:\/\/www.irishtimes.com\/tags\/mcdonalds\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.irishtimes.com\/tags\/mcdonalds\">McDonald\u2019s <\/a>outlet in Ireland on Dublin\u2019s Grafton Street saw profits slump 29 per cent last year to \u20ac3.3 million.<\/p>\n<p class=\"c-paragraph paywall \">Owned by Amir Afsar, Persian Restaurants Ltd operates a number of McDonald\u2019s restaurants in Dublin, Wicklow and Wexford including the outlet on Dublin\u2019 Grafton Street and new accounts show that the company\u2019s revenues increased marginally from \u20ac52.7 million to \u20ac53.2 million in 2024.<\/p>\n<p class=\"c-paragraph paywall \">Persian Restaurants also operates McDonald\u2019s at the Nutgrove Shopping Centre and the Frascati Shopping Centre while the Grafton Street store is the country\u2019s oldest McDonald\u2019s having opened in 1977.<\/p>\n<p class=\"c-paragraph paywall \">Pay to directors last year increased 72 per cent to \u20ac839,538. That is still far below the \u20ac5.57 million paid to directors in 2022.<\/p>\n<p class=\"c-paragraph paywall \">The company last year recorded post tax profits of \u20ac2.88 million after incurring a corporation tax charge of \u20ac441,081.<\/p>\n<p class=\"c-paragraph paywall \">The profit last year takes account of non-cash depreciation costs of \u20ac929,541.<\/p>\n<p class=\"c-paragraph paywall \">At the end of December last, accumulated profits at the company totalled \u20ac22.47 million and the company had cash funds of \u20ac19.75 million.<\/p>\n<p class=\"c-paragraph paywall \">Numbers employed reduced by 68 from 807 to 761 though staff costs increased from \u20ac14.76 million to \u20ac16.37 million.<\/p>\n<p class=\"c-paragraph paywall \">Another McDonald\u2019s franchisee, Elaine Sterio oversaw her pretax profits at her Glenellen Restaurants Ltd increase by 65 per cent from \u20ac981,378 to \u20ac1.62 million.<\/p>\n<p class=\"c-paragraph paywall \">Mrs Sterio operates six McDonald\u2019s outlets in Balbriggan, Drogheda, Navan, Dundalk, Monaghan and Carrick-on-Shannon after working her way through the ranks.<\/p>\n<p class=\"c-paragraph paywall \">Recently filed accounts for Ms Sterio\u2019s Glenellen Restaurants Ltd show that its revenues increased by 8pc from \u20ac26.07 million to \u20ac28.18 million.<\/p>\n<p class=\"c-paragraph paywall \">Ms Sterio started working for McDonald\u2019s in 1989 while studying. A factor in profits increasing sharply last year was an exceptional cost in 2023 of \u20ac479,908 concerning an alleged misappropriation of funds by an ex-employee not recurring last year.<\/p>\n<p class=\"c-paragraph paywall \">Mrs Sterio opened her first McDonald\u2019s franchised outlet at the age of 32 and at the end of last year, accumulated profits at her Glenellen Restaurants had increased to \u20ac11 million.<\/p>\n<p class=\"c-paragraph paywall \">Cash funds increased from \u20ac8.93 million to \u20ac9.82 million. Mrs Sterio owns 75 per cent of the company her husband Glenn owns the remaining 25 per cent.<\/p>\n<p class=\"c-paragraph paywall \">Numbers employed last year increased by 126 to 433 as staff costs increased from \u20ac7.38 million to \u20ac8.6million.<\/p>\n<p class=\"c-paragraph paywall \">Pay to directors remained at the same level at \u20ac179,370 in 2024.<\/p>\n<p class=\"c-paragraph paywall \">The company last year recorded post tax profits of \u20ac1.44 million after incurring a corporation tax charge of \u20ac175,620.<\/p>\n","protected":false},"excerpt":{"rendered":"The operator of the first McDonald\u2019s outlet in Ireland on Dublin\u2019s Grafton Street saw profits slump 29 per&hellip;\n","protected":false},"author":2,"featured_media":162759,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[61,60,4856,43],"class_list":{"0":"post-162758","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ireland","8":"tag-ie","9":"tag-ireland","10":"tag-mcdonalds","11":"tag-news"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/162758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=162758"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/162758\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/162759"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=162758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=162758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=162758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}