Musgrave has won the Top Family Business Award at the seventh European Families in Business Awards, which recently took place in Madrid.
“Musgrave impressed the judges with its cutting-edge governance structure and its commitment to sustainability and customer well-being,” the wholesale and foodservice business said in a statement.
Accepting the award, Chris Martin, Musgrave vice Chairman, said: “As a family business that has been in existence for over 140 years, our ongoing success comes down to our mindset of the need to grow and evolve sustainably.
“By putting a governance framework in place where we focus on sustaining long-term, stable relationships, we have come out stronger from economic downturns and significant world events."
He added: "In this respect, it is humbling to see our values recognised by receiving this award, particularly in light of the breadth of competing businesses Musgrave was in contention with.”
The prestigious awards recognise family businesses from across Europe that 'excel in areas such as stewardship, governance, growth, and sustainability and are judged by family business leaders and specialists'.
Jean-François Mazaud, head Societe Generale Private Banking (SGPB), who presented the evening’s awards said, “Family businesses are the foundation on which the wider European economy is built, playing a huge role in the delivery of job creation, social cohesion and innovation. Congratulations to all winners, whose values contribute so much to their local communities and to our wider society.”
2017 Financial Results
Musgrave’s 2017 results which were published on the 22 May this year showed a third consecutive year of profit growth, up 9% year-on-year to €80 million before tax. Total sales also performed well at €3.7 billion despite ongoing food deflation.
The report showed that the wholesaler's net cash was €71 million and net assets totalled €330 million, an increase of €82 million.
“We have delivered a strong financial performance, reporting a third consecutive year of profit growth with sales also performing well despite on-going food deflation. Our brands enabled local community retailers to go head-to-head with the multiple chains in a highly competitive market,” Martin said at the time.
“These family businesses are benefiting from their partnership with us and our financial strength enables us to support them into the future. This financial strength also means we can continue to explore opportunities through acquisitions, exports and by developing new brands.”
© 2018 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition.