Eddie Rocket’s Future Prospects Appear To Be Very Bleak

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Eddie Rockets Burgers (Instagram)
Directors of the fast-food diner chain Eddie Rocket’s have warned that its future potential ability to continue as a going concern is now in doubt.
Losses at the company rose from €574,418 in 2019 to more than €3 million in 2020, principally amid the crippling impact of the covid-19 pandemic

Accounts filed with the Company Registration Office showed turnover at Eddie Rockets Ireland Limited reduced by 54% from €19,045,592 in 2019 to €8,684,254 in 2020.

The directors said the company’s ability to continue as a going concern is “dependent on its ability to successfully recommence.”

Directors say that “whilst we are not currently able to assess the full financial impact of Covid-19, we anticipate a significant decline in cashflow and profitability“.

They added that “the significant restrictions placed on restaurants, and the resultant sharp decline in revenues may also result in the impairment of the capitalised value of our restaurant investments“.

The directors reveal that “refinancing discussions with the group’s bankers successfully concluded in early 2021 which the directors believe will provide the essential working capital needed to support the business“.