The company’s administrative expenses — nearly €11m — ate into gross profit for the year of €10.46m. This along with a €1.4m expense for “impairment of intercompany loans and investments” means that the company posted a loss of €1.9m.

In 2021, the company recorded a profit of €1.8m.

According to the financial statement, the company’s total assets are valued at €17.26m while total liabilities are valued at just over €17m.

The company owes €17m to creditors which is falling due in the year after the financial statement was approved.

In addition, Eddie Rockets also has future minimum lease payments due are non-cancellable worth a combined value of €12.7m.

According to the statement, the directors of the company believe that despite some of the issues the restaurant chain is facing, it is “well positioned” to return to full trading profitability.

This is based on future budgets, projected cash flows, and ongoing measures to reduce property costs and other costs.

“However, the directors acknowledge that, in the current climate, assumptions used in financial forecasting are highly dependent on unpredictable future events and therefore the company will continue to require the support of its creditors for the foreseeable future,” the statement said.

Shareholders in the company have also agreed to continue to fund operations so that it can “ discharge its liabilities as they fall due” for a period of at least one year from when the financial statements are approved.

The directors said the company still faces “significant challenges and uncertainties” and therefore it might be “unable to realise its assets and discharge its liabilities in the normal course of business for a period of at least one year”.

However, the Board remains optimistic that all actions that have been taken will mitigate against uncertainties.