Avoca Investment Takes Toll On Aramark's Profits, Optimistic About Growth
Restructuring costs and investment in new Avoca stores led its owner Aramark Ireland to a €14.9 million pre-tax loss last year.
As reported by the Irish Times, Aramark recorded the loss while its revenue remained flat at €351 million for the year.
So far, redundancy and restructuring costs for the company reached up to €3.4 million.
Tara O’Neill, chief executive of the Avoca business, however, said that she is delighted with the direction of the group.
The directors of the group added that “the decrease was largely driven by the non-core element of our facilities business outside Ireland which we have decided to exit and the strategic investment in new stores and footprint within the Avoca group”.
“We will continue to drive strong and profitable growth in our Irish food and facilities business.”
Avoca in Ballsbridge announced earlier in the Summer that it extended its offering to feature a new Kale and Coco pop-up counter.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click sign-up to subscribe to Checkout.