{"id":203577,"date":"2025-11-27T20:16:11","date_gmt":"2025-11-27T20:16:11","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/203577\/"},"modified":"2025-11-27T20:16:11","modified_gmt":"2025-11-27T20:16:11","slug":"profits-slide-at-firm-behind-irelands-oldest-mcdonalds-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/203577\/","title":{"rendered":"Profits slide at firm behind Ireland\u2019s oldest McDonald\u2019s \u2013 The Irish Times"},"content":{"rendered":"<p class=\"c-paragraph paywall \">Pre-tax profits at the operator of what was 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 last year fell by 29 per cent to \u20ac3.3 million.<\/p>\n<p class=\"c-paragraph paywall \">Owned by Amir Afsar, Persian Restaurants Ltd operates 12 McDonald\u2019s restaurants in Dublin, Wicklow and Wexford including the outlet on Dublin\u2019s premier shopping street.<\/p>\n<p class=\"c-paragraph paywall \">Accounts just filed show that revenues in the business edged up by 1 per cent from to \u20ac53.2 million in 2024. But pre-tax profits slipped to \u20ac3.3 million from \u20ac4.68 million the previous year.<\/p>\n<p class=\"c-paragraph paywall \">Persian Restaurants also operates McDonalds restaurants at the Nutgrove Shopping Centre and the Frascati Shopping Centre in Dublin. The Grafton Street outlet is the State\u2019s oldest McDonald\u2019s, having opened in 1977.<\/p>\n<p class=\"c-paragraph paywall \">Pay to directors jumped by 72 per cent to \u20ac839,538. <\/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 by Persian Restaurants fell by 68 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, saw pretax profits at her Glenellen Restaurants Ltd increase by 65 per cent to \u20ac1.62 million last year.<\/p>\n<p class=\"c-paragraph paywall \">Mrs Sterio operates six McDonalds outlets in Balbriggan, Drogheda, Navan, Dundalk, Monaghan and Carrick-on-Shannon. Recently filed accounts for Glenellen show that its revenues increased by 8 per cent to \u20ac28.18 million.<\/p>\n<p class=\"c-paragraph paywall \">Ms Sterio commenced working for McDonalds in 1989 while studying and worked her way up through the ranks in the business. She opened her first McDonald\u2019s outlet at the age of 32.#<\/p>\n<p class=\"c-paragraph paywall \">Mrs Sterio owns 75 per cent of the company in a business double act with her husband, Glenn who owns the remaining 25 per cent.<\/p>\n<p class=\"c-paragraph paywall \">Staff costs rose from \u20ac7.38 million to \u20ac8.6 million as numbers employed by the business jumped by 126 to 433.<\/p>\n<p class=\"c-paragraph paywall \">One factor in the sharp increase in profit was an exceptional charge of close to \u20ac500,000 the previous year relating to an alleged misappropriation of funds by a former employee. <\/p>\n","protected":false},"excerpt":{"rendered":"Pre-tax profits at the operator of what was first McDonald\u2019s outlet in Ireland on Dublin\u2019s Grafton Street last&hellip;\n","protected":false},"author":2,"featured_media":203578,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[73],"tags":[79,18,19,17,10586],"class_list":{"0":"post-203577","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-eire","10":"tag-ie","11":"tag-ireland","12":"tag-mcdonalds"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/115623505706486685","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/203577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=203577"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/203577\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/203578"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=203577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=203577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=203577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}