THE HAPPY PEAR has reported a 40% increase in revenues to date this year, compared with 2016.
The business, run by twin brothers David and Stephen Flynn from Greystones in Co Wicklow, now employs 170 people – up from around 100 this time last year.
In 2016, the business opened a new 14,000-square-foot production facility in Kilcoole, Co Wicklow, and the business raised €1.5 million in funding to expand.
Now, new accounts show that expansion costs at Flynn & Flynn Global Trade Ltd resulted in the business recording a modest loss of €77,410 last year.
The loss followed the business – which started back in 2004 as a small vegetable shop – enjoying a profit of €45,506 in 2015, when it had revenues of around €4 million.
A spokeswoman for the Happy Pear said: “Our current performance remains solid across all parts of the business and we’re continuing to grow and invest significantly in the business and our people.”
Underlining the expansion of the firm, numbers employed by the business last year increased by almost 50% going from 63 in 2015 to 93 in 2016, with staff costs increasing from €1.6 million to €2.13 million.
Three outlets
The business now operates three Happy Pear outlets – two in Greystones and one at the Round Tower, Brú Chrónáin in Clondalkin, Dublin.
The company spokesperson said: “We hope to open another cafe in the Dublin area in 2017/18 and our third cookbook, published by Penguin, will be out in spring 2018.
“Next week we’re launching new products into SuperValu stores nationwide to help make healthy food more accessible.”
The business comprises of its retail; production and distribution of products to Supervalu, Centra and independent food stores; and education, media and events.
The new accounts show that the firm’s cash pile last year soared – going from €95,503 to €1.33 million.
The €1.5 million in funding resulted in the company’s shareholder funds increasing from €59,700 to €1.48 million at the end of last year.
The Flynn twins sit on the board with their younger brother, Darragh, and the aggregate pay to directors from the company last year totalled €95,568 – the same level as 2015.
At the end of last year, the business owed the directors a total of €101,031 in loans.
The loss last year takes account of non-cash depreciation costs of €212,994. The value of the company’s tangible assets last year increased from €375,572 to €913,775.
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