The new accounts reveal a troubling picture: while revenues at Glenellen Restaurants grew by 5%, pre-tax profits fell by 16%. This decline is primarily attributed to the alleged misappropriation of funds, specifically a shortfall in cash reconciliation amounting to nearly €480,000, linked to an ex-employee skimming cash.
Ms Sterio, who has successfully expanded her McDonald's franchise operations, now oversees six outlets employing over 400 people. Despite these achievements, the financial records indicate that profits have taken a downturn, sparking concern and necessitating an explanation regarding the unusual financial discrepancies.
In light of the recent financial revelations, Ms Sterio's situation highlights the complexity of managing a growing franchise while safeguarding against internal threats. The significant drop in director remuneration further illustrates the impact the alleged misappropriation has had on the overall financial health of the business.
The company's recent expansion into Co Leitrim demonstrates Ms Sterio's continued commitment to growth despite the financial challenges posed by the alleged misappropriation incident, reflecting resilience and determination in the face of adversity.
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