The Barry Group is to open eight new Buy Lo stores by the end of the year and also increase the number of Carry Out off-licences by 52 to 104.
They were actively seeking new sites throughout the country for the expansion of the Buy Lo chain, managing director Jim Barry said.
The news came today as the Mallow headquartered wholesale distribution company which employs 240 announced that it had pre tax profits of €3m. in 2009, an increase of 12% over the previous year.
This was despite a drop in sales from €212.5m in 2008 to €207m in 2009.
Some 237 of the stores trade under the Cost cutter, Carry Out, Buy Lo and Quick Pick franchises. These are affiliates of Barry's.
They had increased their net profit on a reduced turnover through aggressively managing their cost base and prudent management of credit risk.
They had also re-invented their retailer offering and had experienced ‘significant’ growth at their Buy Lo stores in Tralee and Ashburn, Co Meath and at the Carry Out chain.
They had also spent €1.5m on doubling their capacity at their central distribution facility in Mallow.
The acquisition of the Carry Out chain at the end of last year was expected to add €42m to their annualised turnover by the end of next year, Mr Barry said.
The specialist off-licence business offered an ‘excellent business opportunity providing improved margin and excellent value for money’.
Founded by James A Barry in 1955 selling fruit and vegetables in the north Cork area, the company has continually grown and developed over the years and now trades prominently on a national basis.
Barry Group was named as a winner of Ireland’s ‘Best Managed’ companies for 2009 in the annual Deloitte Best Managed Awards Programme, in association with Bank of Scotland (Ireland).
Article courtesy of the Evening Echo newspaper.