Business Irish

Thursday 5 December 2019

Gourmet retailer records 'Fresh' profits of €1.1m

Super: The Fresh ‘Good Food Market’ in Grand Canal Square
Super: The Fresh ‘Good Food Market’ in Grand Canal Square

Gordon Deegan

The company behind gourmet supermarket Fresh enjoyed the taste of a 42pc increase in pre-tax profits last year as it made €1.1m.

New accounts filed by Fresh Opportunities Ltd show that the company's revenues went up by 17pc to €29m.

The gourmet food business operates stores at Smithfield Square, Grand Canal Square, Camden Street, Stepaside, the IFSC and Capital Dock, all in Dublin.

The Fresh brand commenced its operations around 10 years ago opening its first outlet at Smithfield.

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According to the directors' report "during the year, the company continued to achieve profitability and growth".

The business last year recorded a gross profit of €8.6m. Administrative expenses of €9.4m were offset by other operating income of €1.9m.

This resulted in the pre-tax profit of €1.1m.

Fresh's workforce increased from 216 to 235 last year, which resulted in staff costs increasing from €4.4m to €5.25m.

Last year's profit takes account of lease costs totalling €893,336 and non-cash depreciation costs of €336,919.

The business' directors are Gregory Grouse and Noel Smith.

Directors' remuneration last year decreased by €9,859 to €369,009.

That sum included pay of €289,122 and pension contributions of €79,887.

The directors reported that this increase in activity and growth is mainly as a consequence of implementing the company's strategy to continue to develop the Fresh brand, its stores and service offering to its customers.

The company had a shareholders' deficit of €763,902 at the end of last year.

The company's cash pile reduced to €1m.

Irish Independent

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