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

More in this Section

Irish firm granted first VW emissions order

Pokémon goes bad for Nintendo as shares plunge

Italy’s specialist pension funds asked to join in bank bailout

Ryanair shares rise on profits pledge


Breaking Stories

Cyber criminals are selling stolen O2 customer data on the dark web, says report

Are Apple and Samsung replacing fingerprint ID with iris scanners?

Low oil price sees BP profits plunge 44%

BT's Openreach network should become a 'distinct company' - Ofcom

Lifestyle

Top 10 reads for the summer

Showbiz news: Miranda Kerr gets engaged to Snapchat founder

Ready to sticky rock and roll with the holiday treat that spans generations

New app helps tourists to get travel wise and avoid holiday disasters

More From The Irish Examiner