Cully & Sully ‘reserves’ boosted by €2m after sale to US foods group

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.

Cully & Sully: Co-founders Colum O'Sullivan and Cullen Allen shared a multimillion-euro windfall from selling their business to New York-based organic products group Hain Celestial in Apr 2012. Pic: John Hennessy

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.

© Irish Examiner Ltd. All rights reserved

Email Updates

Receive our lunchtime briefing straight to your inbox

More in this Section

Huge haul of cigarettes and fuel seized by Revenue

Money-laundering fine a ‘stain’ for AIB

Kingspan upgraded after ‘eye-catching’ quarter

‘Good time’ to opt for fixed home rates, says expert


Breaking Stories

AIB CEO wants Govt to float bank earlier than planned

Eir reports earnings rise as it opens hub in Dingle

Barclays 'optimistic' after profits surge

Sales boost for Amazon as retail giant expands Indian operation

Lifestyle

Live music review: The Swingles, Cork City Hall

Here's your TV wrap for the week ahead

Rag'n'Bone Man really is only Human, after all

Discover a hidden away rainforest on the Beara peninsula

More From The Irish Examiner