Top stories in the papers this week 26 September – 1 October 2012
Musgrave dips to UK loss; Cully & Sully to pursue US market; Moy Park posts annual sales figures of £1.07bn
Print1 October 2012
1. Musgrave dips to UK loss
Musgrave Retail Partners GB Ltd, which operates Budgens and Londis in the UK, made an operating loss of £547,000 last year compared with a surplus of £3.4 million in 2010. According to the Irish Times, the group’s directors’ report states this was due to a "strategic investment in value to reduce prices in stores and improve the offer for consumers".
Meanwhile, Musgrave’s SuperValu chain has announced the agreement of new contracts worth €80m to Irish suppliers. The Irish Independent reports the contracts are for the supply of own-brand products to the supermarket chain by 104 Irish companies including Silver Pail ice cream and Arthur Mallon sausages.
2. Cully & Sully to pursue US market
Cully & Sully is set to launch its products in the US next year where director Colum O’Sullivan said he believes the potential is "colossal". According to The Irish Examiner, US company, Hain Celestial’s annual report recently confirmed it paid €10.5m in cash for Cully & Sully and a further €4.5m based upon the achievement of specified operating results through to 30 June 2014.
3. Moy Park posts annual sales figures of £1.07bn
One of Northern Ireland’s biggest food companies, Moy Park, has reported sales of more than £1 billion for the first time. The Irish Times reports that the poultry producer, which is owned by Brazilian food giant Marfrig, posted annual sales of £1.07 billion (€1.34 billion) for the year ended December 31st, a 16.4% increase on the previous year. Pretax profits came in at £4.8 million, while operating profits stood at £7.4 million.
4. Glanbia rescues family food firm
Glanbia poured €420,000 into award-winning food producer McEvoy Family Foods Ltd which went bust last month, the High Court has heard. The Evening Herald reports Declan Murphy, counsel for the examiner appointed to the Co Tipperary firm earlier this month, told Mr Justice Colm MacEochaidh that a scheme of arrangement for rescuing the company had been accepted by a majority of creditors.
5. Sammy Wilson urged to expand new rates relief scheme
Derry City Council is planning to write to NI Finance Minister Sammy Wilson urging him to expand his new rates scheme and not to scrap other rate reliefs for small firms. The Belfast Telegraph reports the minister had announced in June that he was reviewing the scheme and would examine "the merits of retaining double relief". Yet city treasurer Joe Campbell said that for some small firms the scheme meant "the difference between staying in business and going out of business".
Also:
Fisherman lands successful catch with gourmet sea salt from Atlantic ocean (Irish Independent)
Fuelling the black market: Traders hit by high prices and illegal trade (Dundalk Democrat)
Retail sales rise again in August (Irish Times)
Calls to cut Vat and retailer rates (Irish Examiner)
Grocers group opposes foodstore at Cleveragh (Sligo Today)
Off-licences halt sale of super-strength alcohol (Irish Indepdent)
Regeneration of town centres is top priority (Irish Independent)
€900,000 for ghost retail park in Tipperary (Irish Times)
‘No recession‘ in Irish grub as food bible published (Irish Examiner)
Survey says NI has the worst shop vacancy rate in the UK (Inside Ireland)
Galway retail portfolio makes over €27m (Irish Times)
Retail building sells for €430,000 (Irish Times)
Cigarettes worth €2.9m seized as ‘epidemic’ worsens (Irish Independent)
Price of a full Irish breakfast to rise as pork costs soar (Irish Independent)
Supermarket to cut fuel prices (Belfast Telegraph)
Couple ordered not to interfere as receiver takes over €2m development (Irish Independent)
State should seize far bigger portion of cigarette profits, say lobby groups (Irish Times)
Aryzta shares fall on weak consumer spending warning (Irish Times)
Related Articles
Rudimental to headline Rockshore Après Sea →
Glanbia’s performance ‘in line with expectations’ in first quarter →
Visitors meet Dunnes Stores celebrity brand partners at Ideal Homes Show →
Fans 0
Followers