Business

Saturday 3 December 2016

Growth in city helps Starbucks profits rise

Gordon Deegan

Published 11/07/2015 | 02:30

The Starbucks operation here is licensed to the Entertainment Enterprises Group, run by Colum and Ciaran Butler.
The Starbucks operation here is licensed to the Entertainment Enterprises Group, run by Colum and Ciaran Butler.

The Irish arm of coffee giant Starbucks last year brewed up soaring profits as they increased three fold to €2.3m.

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Abridged accounts just filed by Ritea Ltd - formerly Starbucks Coffee Company (Ireland) Ltd - show that the firm enjoyed the sharp rise in profits largely as a result of an exceptional gain of €1.27m.

The increase in pre-tax profits came despite its gross profit going down by 28pc from €2m to €1.4m in the 10 months to the end of July last.

Growth

The Starbucks operation here is licensed to the Entertainment Enterprises Group, run by Colum and Ciaran Butler.

The Starbucks' operation has seen major growth under the Butlers, with the number of Starbucks in the greater Dublin area now standing at 40.

Ritea last year paid corporation tax of €4,196 after paying no corporation tax in 2013 or 2012.

Ritea would have been liable for a tax bill of €289,929 in 2014.

However, the bill was reduced through mainly €200,000 in non-taxable income and €83,048 in group relief.

Irish Independent

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