Friday 24 May 2019

Health foodie twins a happy pair as revenues jump 40pc

David and Stephen Flynn of the Happy Pear have SuperValu deal
David and Stephen Flynn of the Happy Pear have SuperValu deal

Gordon Deegan

Greystones twins, David and Stephen Flynn, are a very happy pair after their expanding healthy eating empire yesterday reported a 40pc increase in revenues to date this year on 2016.

The foodies' Happy Pear business now employs 170 people compared to around 100 this time last year.

In 2016, the business opened a new 14,000 sq ft production facility in Kilcoole, Co. Wicklow, and raised €1.5 million in funding to expand its café business.

Now, new accounts show that expansion costs at Flynn & Flynn Global Trade Ltd resulted in the business recording a modest loss of €77,410 last year.

The loss followed the business - which started back in 2004 as a small veg shop - enjoying a profit of €45,506 in 2015 when the business enjoyed revenues of around €4m.

"Our current performance remains solid across all parts of the business and we're continuing to grow and invest significantly in the business and our people," said a spokeswoman.

Underlining the expansion of the firm, numbers employed by the business last year increased by almost 50pc going from 63 to 93 - with staff costs increasing from €1.6m to €2.13m.

The business now operates three Happy Pear outlets - two in Greystones and one in Clondalkin - after the twins opened a new café and food store at the Round Tower, Bru Chronain in the Dublin suburb.

"We hope to open another café in the Dublin area in 2017/18 and our third cookbook, published by Penguin, will be out in spring 2018," as spokeswoman added.

"Next week we're launching new products into SuperValu stores nationwide to help make healthy food more accessible."

The business comprises retail and production and distribution of products to SuperValu, Centra and independent foodie stores as well as education, media and events.

The new accounts show that the firm's cash pile last year soared going from €95,503 to €1.33m.

The €1.5m in funding resulted in the company's shareholder funds increasing from €59,700 to €1.48m at the end of last year.

The Flynn twins sit on the board with their younger brother Darragh.

The aggregate pay to directors totalled €95,568 - the same level as 2015.

The loss takes account of non-cash depreciation costs of €212,994. The value of the company's tangibles increased to €913,775.

Irish Independent

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