Saturday 23 November 2019

Pharmacy chain warns of threat posed by cost of rents

Hickey's Pharmacy on O'Connell Street, Dublin. Photo: Arthur Carron/Collins
Hickey's Pharmacy on O'Connell Street, Dublin. Photo: Arthur Carron/Collins

Gordon Deegan

The directors of pharmacy group Hickey's have warned that rents faced by the firm "represent a threat to the business as it is currently structured".

Accounts filed by Hickey's Pharmacy say "the company is engaging with landlords and with its advisors to achieve the necessary restructuring of excessive lease costs... and is optimistic that this will be successful".

The firm returned to pre-tax profit, recording €1.37m last year. This followed a €1.1m pre-tax loss. The firm returned to profit in spite of revenues dropping from €25.54m to €23.12m. Revenues recorded by the firm do not represent the group's total revenues. Those revenues are generated by the unlimited firm, Drishlawn.

Irish Independent

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