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.
