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Irish Independent
26-05-2025
- Business
- Irish Independent
Sysco Foods Ireland paid €7.59m for Dublin firm Ready Chef Ltd
That is according to new accounts for the Co Limerick-based business – formerly Pallas Foods – which show that Sysco Foods Ireland UC's pre-tax profits declined by 18pc from €29.04m to €23.76m in the 12 months to the end of June 2024. Profits declined as revenues increased by 5pc from €574.8m to €603.2m. The business, whose CEO is Mark Lee, supplies food to thousands of hotels, shops, restaurants and pubs in Ireland, along with healthcare and educational facilities. The business operates from a central Dublin location and seven regional centres and expanded last year with the purchase of Ready Chef Ltd. At Sysco Foods Ireland, numbers employed last year increased by 35 from 1,497 to 1,532 as staff costs rose from €59.74m to €63.49m The most recent accounts filed by Ready Chef Ltd, developed and owned by William Tallon and David Tallon, show that revenues increased from €18.9m to €23.79m in 2023 as the Glasnevin-based manufacturer and distributor of fruit and vegetables recorded pre-tax losses of €1.64m. In 2023, the company employed 101 people. The 2023 loss chiefly arose from directors' pay increasing from €365,459 to €2.46m which was mainly made up of pension contributions of €2.25m. At Sysco Foods Ireland, numbers employed last year increased by 35 from 1,497 to 1,532 as staff costs rose from €59.74m to €63.49m. The directors state that in achieving the revenues, the company focused on sales with existing customers through its range of products and quality of service. The directors state that the gross margin remained at 24pc for the period and this was achieved through a rigid cost management process, strong relationships with company suppliers and a change in the product mix. The strong profits of 2024, 2023 and 2022 at Sysco Foods follow Covid-19 related pre-tax losses of €8.8m in 2021 and €24.17m in 2020. Operating profits last year fell by 17.5pc from €33.33m to €27.53m and net interest payments of €3.76m reduced profits to a pre-tax profit of €23.76m. The business recorded post-tax profits of €18.99m after incurring a €4.77m corporation tax charge. The accounts show that staff numbers consisted of 1,282 in sales and distribution, 249 in administration and one director.
Irish Independent
23-04-2025
- Business
- Irish Independent
Drastic cuts help Bóthar cut losses by €100,854 as charity deals with fallout of scandal
New accounts for the Co Limerick-based Bóthar CLG show that it reduced its losses from €282,824 in 2023 to €100,854 last year as it slashed its costs by 40pc from €1.05m to €628,852 in the 12 months to the end of June last. Revenues at the charity last year continued to slide, declining by 32pc from €768,595 to €525,739. These compare to pre-scandal and pre-Covid 19 revenues of €4.6m in 2019. The cuts over the last three years have included redundancies, while Bóthar has sold its properties in Dublin and Limerick. In the new accounts signed off by the board on March 25, the directors state that a Garda criminal investigation following a formal complaint into historical practices is ongoing, while a separate investigation by the Charities Regulatory Authority into the company's former financial irregularities has been paused pending the outcome of the Garda investigation. The directors say there has been extraordinary but necessary cost curtailment measures in the last three financial periods, including costs associated with the winding down of certain aspects of the company's operations. 'These actions were overwhelming for the organisation but were necessary in order to bring the company to a position of stability and recoup public confidence. 'These actions allow the company to return to its core focus, with a view to rebuilding the programme activities.' On the charity's going concern status, the directors state: 'Bóthar continues to apply cost reductions where necessary. 'A target to achieve a low deficit in the financial year ended 2024 was successful and the company's next target is to arrive at a break-even in 2025.' The accounts state that the advances that the company has made in the financial years of 2022, 2023, and 2024 'demonstrates a significant progression towards full compliance with governance requirements and particularly those of the Charity Regulator'. 'This process has had a substantial impact on both the company's finances and reputation, resulting in the sale of its premises in both the Dublin and Limerick locations. 'While the company continues in its charitable activities, the associated overheads in doing so have proven strenuous on the company's reserves.' The directors state that the sale of the Limerick premises last year 'resulted in an uplift of cash resources'. Cash funds increased from €261,888 to €465,232 in 2024. The note states: 'As the company have reduced their expenses by a substantial level in recent years, it is the board's intention to utilise the cash resources towards further marketing campaigns and funding projects to spread more information on the company' work and with continued fund-raising, further secure the future of the organisation's mission.' Numbers of employees reduced from four to three as staff costs declined from €308,248 to €224,968. Donations dipped from €284,695 in 2023 to €273,476 last year, while income from legacies increased from €142,900 to €184,263. Donations in kind plummeted from €341,000 to €68,000. The alleged misappropriation of funds at Bóthar first came to public attention in 2021 through the charity taking High Court injunction proceedings against its former CEO, David Moloney. Alleged irregularities first came to light during the 2019 financial year from an anonymous whistleblower concerning inappropriate travel expenses.
