Friday, November 25, 2022

Gordon Deegan

Greystones twins, David and Stephen Flynn are a ‘Happy Pear’ after their businesses returned to profit last year after three years of losses.

New accounts for the brothers’ Flynn & Flynn Global Trade Ltd show that the business recorded post tax profits of €175,993 in 2021.

The profits last year follow losses of €502,110 in 2020 which included exceptional costs associated with site closures, restructuring and financing and losses of €463,137 in 2019 and €672,970 in 2018.

Covid closures

The business returned to profit last year with a note attached to the accounts stating that “the Covid 19 pandemic had a significant impact on the company’s operations” and that the directors took immediate steps to mitigate the impact on the business as much as possible.

The Covid-19 impact included the decision not to re-open two retail outlets, the Clondalkin café and the Dublin Airport concession which had closed during lockdown along with the restructuring of the business and staff redundancy programmes.

Directors’ actions also included a review and reduction of operating costs where possible and active and rigorous cash management.

The note states that “based on the current situation, the actions taken by the directors, and review of forecasts and projections, it is the opinion of the directors that it is appropriate to prepare the financial statements on a going concern basis”.

Retail operations

The twins currently operate one retail, café and bakery at Church Rd, Greystones and a café at the Shoreline Leisure Centre in Greystones.

Last year’s post tax profit takes account of Government Covid-19 wage subsidy payments of €327,919.

The twins oversee a business that involves the purchase, production and sale of vegetarian and vegan food and drink products, both wholesale and through a network of retail outlets and the sale of online health and wellness courses.

The firm also engages in the provision of on-site and virtual health and wellness talks and cooking demonstrations.

The business also has an exclusive partnership agreement with Musgraves for the production, distribution, and marketing of its branded retail products across the island of Ireland and has a production facility here.

Five sit on the board at the company and directors’ remuneration last year increased from €581,843 to €668,529 that included €40,000 in pension contributions.

The profit last year reduced accumulated losses to €2.05 million. The firm’s cash pile during the year reduced from €1.2 million to €333,565.

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