Garvey Group Returns To Profitability
The Garvey Group in Munster has reported a return to profitability in 2015, according to accounts filed for the group’s holding company, Commidare Holdings.
The group, which is comprised of seven Supervalu, two Centra stores in the South West as well as two hotels in Dingle, had a net profitability of €80,000 last year, compared to a €2.3 million loss the year before.
According to the filings, sales fell last year by €3 million to €116 million, and operating profits dipped 10% to €2.6 million. The group made €1.9 million on the value of a quoted investment, and also recorded a profit of €1.6 million on the sale of shares in a listed company.
It's shareholders funds totalled about €17 million collectively. Commidare Holdings previously had bank loans of €35 million, but its property assets were worth far in excess of this figure.
Despite recording accounting losses in recent years, the group is now in a solid financial position.
The Garvey group is family-owned and employs 750 staff across its various businesses.
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