Thursday 14 November 2019

Bookshop 'performing well' since relaunch

Gordon Deegan

Founder of Hughes & Hughes booksellers, Derek Hughes, said yesterday that the re-launched chain was "projecting to a record a break-even or better" performance in its current financial year.

Mr Hughes was commenting yesterday on recent filings by Sivota Ltd to the Companies Office that confirmed that the chain recorded a loss of €342,794 in its first six months of business to the end of February last year.

Mr Hughes said that the firm recorded "a similar loss" in the 12 months to the end of February this year.

However, Mr Hughes said: "If we can maintain the sales we had last year -- and already we are 6pc up on last year -- we will achieve a break-even or better as we have taken costs out of the business."

Mr Hughes said that the company recorded the loss last year "as we didn't achieve our sales target".

Referring to the loss made to the end of February 2011, Mr Hughes said that such a loss with any new business was normal. Hughes & Hughes Ltd collapsed in February 2010 with debts of almost €15m but Mr Hughes was able to resurrect a downsized business within months with the investment of the two men behind the Bus Stop chain of newsagents, Aidan Masterson and Pierce Moloney.

Irish Independent

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