Latest news with #CompaniesRegistrationOffice
Irish Times
27-05-2025
- Business
- Irish Times
Admin expenses see profits at distributor Sysco Foods Ireland dip more than 23%
Irish food service distributor Sysco Foods Ireland saw its profits dip by more than 23 per cent last year as administrative expenses increased. Sysco sells, markets and distributes food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its products in Ireland also include equipment and supplies for the food service and hospitality industries. The company's latest set of accounts filed with the Companies Registration Office, which cover the financial period from July 2nd, 2023, to June 29th, 2024, show it made a profit before tax of €23.8 million, which was down from just over €29 million the year before. READ MORE The company's profit after tax was just under €19 million, which was down 23 per cent from €24.7 million the year before. The directors did not recommend the payment of a dividend. The company's turnover increased from €574.8 million to €603.2 million. Cost of sales also increased from €436.1 million to €459.7 million, while administrative expenses rose 44 per cent from €22.6 million to €32.7 million. The company's gross margin was 24 per cent, which it said was 'a critical factor' in the company's performance. It was achieved through a 'rigid cost management process, strong relationships with company suppliers and changes in product mix'. The company, which is based in Co Limerick, employed 1,532 people in the year, which was up from 1,497. It spent €63.5 million on staff, which was up from €59.7 million. The company acquired fruit and vegetable supplier Ready Chef for €7.6 million on February 1st, which it said would broaden its offering of fresh and prepared food. Founded in the 1960s, Ready Chef specialises in supplying fresh and prepared fruit and vegetables to the Irish food sector. The business has more than 100 staff at its refrigerated warehousing and product preparation plant in Glasnevin, Dublin. The family business was founded by William Tallon snrand the company has been run by his sons David and William since 1990. Also evolved from a family-owned business started by the Geary family, Sysco Ireland sources more than 15,000 food products, of which 70 per cent is local Irish produce. Sysco Foods Ireland forms part of the global corporation, which operates 334 distribution facilities worldwide.
Irish Times
19-05-2025
- Business
- Irish Times
Business closures concentrated in Greater Dublin area, new report shows
Dublin and its neighbouring counties have seen the highest levels of business closures relative to their population in the first five months of the year, but Clare is also in the top five, according to new data from The consultancy firm has analysed the more than 3,250 businesses that have shut up shop this year based on data compiled by the Companies Registration Office (CRO). Dublin had a closure rate of 121.1 businesses for every 100,000 people, said, more than double the rate of most other counties, unsurprising given the large number of businesses based in the city and its environs. Louth and Clare were second and third with rates of 60.8 and 60.2 per 100,000 people, the firm said. 'Both counties have a mix of retail, hospitality, and tourism-focused businesses which can be more vulnerable to economic volatility,' said. READ MORE Rounding out the top five are Meath and Wicklow, with closure rates of 50 for every 100,000 people living there, 'a sign that rapid development and rising commercial costs could be impacting small and mid-sized enterprises in those areas'. Business closures and insolvencies have been on the rise since 2023. The winding down of Covid-era subsidies and the government's tax debt warehousing scheme, coupled with rising energy costs stemming from the war in Ukraine, have contributed to the phenomenon. Company insolvencies reached 875 in 2024, up a third on the previous year and the highest number since 2016, according to a report from accountants Deloitte published in January. The firm predicts that this year's total will top 1,000, an average of 20 a week. Hospitality businesses, shops and builders, all of which suffered in 2024, are likely to remain most at risk this year, Deloitte warned. Hospitality businesses, mostly pubs and restaurants, accounted for 147 casualties in 2024, up from 99 the previous year and more than twice the 66 failures recorded in 2022.
Irish Times
23-04-2025
- Business
- Irish Times
Former lord mayor's Clontarf home placed on market by receiver for €2.75m
The detached five-bed home of the former Dublin lord mayor Nial Ring, in Clontarf, Dublin 3, has been placed on the market with a guide price of €2.75 million. The house was the subject of several recent High Court actions, including one against Mr Ring by his wife, Joyce. These were settled late last year. Attempts to contact Mr Ring were met with no response. A receiver appointed in November 2022 on behalf of a finance company in Northern Ireland finally took possession of the property at the end of March, Companies Registration Office filings show, and the property was placed on the market this week. The house is a detached double-fronted Victorian house with three reception rooms, four bathrooms and a conservatory, and sits on one-third of an acre of landscaped gardens. READ MORE The 390sq m property was bought by Mr Ring and his wife in 2006 from members of the well-known Belton family. The house, on St Lawrence Road, is a detached double-fronted Victorian house on one-third of an acre of landscaped gardens. Photograph: The house was the subject of a 2017 Circuit Court possession order in favour of Bank of Ireland but this was appealed. The order was rescinded in February 2019, with the court told the source of the almost €1 million used to settle the case could not be disclosed for data protection reasons. In December 2019, Calvet Properties Ltd bought the house from the Rings, with the Property Price Register showing the property changed ownership for €2.5 million. Calvet, which does not own any other property, is owned by Mr Ring, according to the Companies Registration Office, and was incorporated in 2017. [ Receiver settles case against former Dublin Lord Mayor Nial Ring and his wife Opens in new window ] A month after Calvet bought the house, a mortgage against the property was registered by Business Capital and Finance (PC) Ltd, a Belfast-based company owned by Gareth Graham, a nonbank lender to small businesses. In November 2022 receiver Mícheál Leydon, of Outlook accountants, Dublin, was appointed to Calvet by the Belfast company, and the following month Mr Leydon initiated High Court proceedings against the Rings. Lord mayor of Dublin Nial Ring in 2019. Photograph: Tom Honan for The Irish Times Then, in October of last year, Ms Ring initiated proceedings against her husband and Calvet. All of the proceedings were then settled and no details of the settlement agreement disclosed. A former member of Fianna Fáil and associate of former taoiseach Bertie Ahern, Mr Ring was a long-time member of the board of the Industrial Development Authority (IDA) and has been involved in a range of business activities over the years. He has been an independent member of Dublin City Council since 2009, representing the north inner city. During the Covid pandemic, Mr Ring, his sons Stephen and Darragh, and his long-time business partner Liam McGrattan, were found upstairs in the Ref pub, in Ballybough, Dublin 3, during the restrictions imposed to curb the spread of the disease, and charged with having left their homes without reasonable excuse. Mr Ring and Mr McGrattan – the owner of the pub – brought High Court proceedings challenging the restrictions. The challenge was dismissed in May of last year. Earlier this month both men pleaded guilty in the Dublin District Court to breaching the regulations and the case was then adjourned to a later date.
