Pretax profits at the Garvey family-owned retail and hotel group located in the southwest last year increased by 55 per cent to €7.96 million.
New accounts filed by Commidare Holdings Ltd show that the group recorded the increase in profits as revenues rose by €9 million, or 7 per cent, from €132.55 million to €141.63 million in the 12 months to the end of January 15th this year.
The business started as a corner shop in Dingle, Co Kerry, and it today comprises nine SuperValu stores across the southwest, along with three hotels in Dingle.
The group added a third hotel earlier this year when it bought the Base Hotel in Dingle.
In 2021, the business expanded with the purchase of Lohans Centra Foodstore in Adare, Co Limerick, buying the outlet with cash reserves.
Numbers employed by the group last year increased by 43 from 726 to 769 as staff costs went up from €16.82 million to €18.75 million. Directors’ pay totalled €746,508.
Chinese interest in the ‘golden visa’ scheme surges
Irish Times Current Affairs Editor Arthur Beesley joins Ciarán Hancock to discuss the recent spike in applications by wealthy Chinese citizens to the Immigrant Investor Programme. The scheme allows applicants, with a minimum net worth of €2 million, to obtain residency in the State, if they invest in the Irish economy. With the number of applications almost tripling in the first nine months of the year, speculation is mounting that the scheme could be closed off. Later on, we hear from Economics Correspondent Cliff Taylor who discusses how rising interest rates, coupled with a slowdown in construction are impacting the housing market.
The directors recorded their satisfaction with the trading performance of the business for the year.
Commidare’s performance in 2021 was affected by Covid-19 restrictions in its hotel operations across the first five months.
The group’s profits benefited from investment income of €144,000 and Covid-19 grant income of €1.47 million comprising €1.23 million in Employment Wage Subsidy Scheme (EWSS) supports and €238,791 from the Covid Restrictions Support Scheme (CRSS).
A note attached to the accounts states that at the end of the period, the group had exited the EWSS and CRSS programmes.
The profit also takes account of non-cash depreciation costs of €3.96 million.
The group proposed dividend payments of €47,970.
Shareholder funds on January 15th this year totalled €36.79 million, including accumulated profits of €36.4 million.
The group’s cash funds amounted to €8.79 million.
