Pettitt Group records 6% growth in revenues
21 December 2016 | 0
The Southeast-based, family-owned Pettitt Group of hotels and supermarkets achieved 6% growth in revenues last year to reach €120.5 million.
Cormac Pettitt, the grandson of the original founder, now runs the group which is compromised of six supermarkets, five hotels, three pubs, farming and other property interests.
The group’s supermarkets, including two SuperValus in Wexford town, and outlets in Gorey, Enniscorthy, Arklow and Athy, drove three-quarters of total revenues, The Irish Times reports. Marginal growth was achieved in grocery sales over the year, in the face of intense competition within the sector.
Hotels in the Pettitt Group include the Talbot Hotel on the Wexford quays, alongside hotels in Cork, Carlow and Dublin’s Stillorgan Park Hotel.
According to 2015 accounts for the group’s holding company, Torski, the Pettitt group currently employs 1,000 staff, with employment numbers bolstered by approx. 5% over the year.
Impressively, group profits increased by around 50% to €3.1 million. The Irish Times reports the group has bank loans of some €22 million and sits on profit reserves of approx. €57 million. The group’s directors shared €1.2 million last year, with the highest-paid, unidentified director receiving close to €750,000.
Expansion is also taking place within the group; this summer it invested €10 million in opening a 70-unit aparthotel, Talbot Suites, near its flagship namesake, after buying the scheme out of receivership.
Meanwhile, it was also good news for the family’s Sleedagh Farms agri-business, a supplier of meat, which surpassed €1 million in sales last year.