US catering giant Aramark paid $57.9m (51m) for Irish retailer Avoca — less than the 60m-plus that was speculated at the time of the sale in 2015, hence the ratings drop. Aramark paid for Avoca in cash. Avoca has 11 outlets in Ireland and employs close to 900 people. It will open its 12th store this autumn.
Over four decades, Donald (70) and Hilary Pratt (67) and later other members of their Wicklow-based family, built up the Avoca Handweavers business into a top-end retail business.
They owned 17pc of the business, with Simon, Ivan, Amanda and Vanessa holding the rest. In the 12 months to the end of January 2015, the year of the sale to Aramark, Avoca generated 58.8m in revenue, and a pre-tax profit of 2.6m. Avoca generated sales of about $16m (15m) in the second quarter of 2016. Ivan Pratt bought back Avoca's wholesale fashion and homeware business.