Franc's profits drop despite popularity of weddings
Published 11/06/2014 | 02:30
MORE couples got married in Ireland last year than anytime since 2008, but that was not enough to prevent accumulated profits plunging by more than €250,000 at the country's best known wedding planning firm, Weddings by Franc Ltd.
New figures show that the events firm led by charismatic Fermoy man, Peter Kelly, aka Franc, saw its accumulated profits decrease by 71pc to €104,655 in the 12 months to the end of June last.
The sharp drop in profits last year followed accumulated profits at the firm falling from €563,369 to €358,810 in the previous 12 months. Over the two years, accumulated profits at the firm have dropped by €458,714.
The deterioration in the firm's balance sheet comes at a time when more people are getting married in Ireland.
Last year, there were 21,770 marriages – the highest number since 2008, when 22,187 couples got married.
Recent figures from a survey by mrs2be.ie show that the average wedding day spend is €17,690, with an additional €4,808 spent on the honeymoon. Last year, the cash pile at the firm also took a dive, going down by two-thirds from €18,717 to €6,162. At the end of June 2010, the firm's cash pile stood at €301,194.
Franc's business includes the House of Franc at its HQ at Glanworth Hill in Co Cork that features the revamped House of Franc boutique shop and tea rooms.
The firm is owned on a 50/50 basis between Mr Kelly and his wife, Eadaoin Morrish. Mr Kelly declined to comment on the accounts when contacted by phone.