The Cork artisan food firm sold by Cully & Sully to a US organic products group increased its accumulated profits by over €2.15 million last year.
New abridged figures for Cully and Sully Ltd show it increased ‘reserves’ by €2.152m, from €522,857 to €2.674m, in the 18 months to the end of June 2013.
The co-founders of Cully & Sully, Colum O’Sullivan and Cullen Allen — a nephew of Ballymaloe’s Darina Allen — shared a multimillion-euro windfall from selling their business to New York-based organic products group Hain Celestial in Apr 2012.
Hain Celestial’s 2013 annual report confirmed it paid €10.46m in cash for Cully & Sully, with a further €4.5m to be paid upon achievement of specified operating results during the period through to Jun 30, 2014.
The New York-based food firm states in its 2013 report that “the acquisition, which is part of our United Kingdom operating segment, provides us entry into the Irish marketplace and complements our existing UK product offerings”.
Colum O’Sullivan said yesterday that he is “very happy” with how Cully & Sully Ltd has performed since the acquisition.
He said the €2.15m profits are not all attributable to Cully & Sully: “I wish that was the case, but it relates to other businesses as well.”.
Mr O’Sullivan declined to elaborate further on the profits recorded.
He hopes the Cully & Sully brand will launch in the UK this year. “We launched in Belgium last August and that has gone very, very well and sales have been very good.”
Mr O’Sullivan said the company intends to launch its products in the US market, “but at this stage, we don’t know when it will happen”.
The figures show that Cully & Sully Ltd paid a dividend of €1.1m during 2013. The firm’s cash increased from €494,525 to €613,065 during the year, with debtors increasing from €1.28m to €2.5m.
The firm owed €140,645 in corporation tax at the end of June.
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