Donnybrook Fair sales slumped ahead of Musgrave deal
Upmarket food retailer Donnybrook Fair - which was recently acquired by SuperValu owner Musgrave - suffered a 6.6pc fall in sales in the 12 months to January 2018 as competition in the food retail sector intensified.
Accounts just filed for the company show that the group lost €872,442 in the period, compared with a profit of €128,247 in the previous year.
The company was sold by founders Joe Doyle and his wife Mary. The transaction included Donnybrook Fair's five food stores - Donnybrook, Stillorgan, Malahide, Greystones and Baggot Street - as well as a gourmet food production facility.
The accounts state that the group had assets of almost €17m and liabilities of €15.4m.
"Competition within the retail trade impacted sales as traditional retailers continued to extend their product range," said the directors' report.
The company also said that development work in the vicinity of the Stillorgan store disrupted trade significantly which contributed to the decline of overall group sales.
In the previous financial year, Donnybrook Fair Ltd disposed of its store in Greystones and entered into a lease with the new landlord for the premises. The profit on the disposal of the Greystones store in the previous financial year contributed "significantly" to the overall profitability for that period.
The Competition and Consumer Protection Commission cleared the acquisition of Donnybrook Fair by Musgrave in November.