It was announced today that popular food hall, wine bar and restaurant group, Fallon & Byrne, will close its Rathmines branch with immediate effect.

In a statement released today, the company said, "Unfortunately the location was loss-making and, while the decision was a very difficult one, we believe that acting decisively is what’s best for the business overall."

The store, which opened in 2017, was the biggest of the group’s three outlets at almost 10,000sq feet. Earlier this year, the group, which has annual sales of about €15 million and employs about 350 staff, indicated it is seeking to double in size over the next five years.

It is planning a large extension at its Exchequer street premises and a new retail outlet at Connolly railway station in Dublin, which may set the template for a wider retail rollout. The group will also open a major new outlet in Dundrum Town Centre, once an extension there is built in coming years.

The Irish Times has reported that Fallon & Byrne entered examinership in December 2011, and emerged from the process in April 2012. The firm was unable to pay a €1.4 million tax bill, but was profitable when historic and current tax liabilities were not taken into account, the court was told at the time. New investment of €1 million was secured.

Source: www.businessworld.ie