Cully & Sully to pursue US market

Hot-pot millionaires Cully & Sully are set to launch their products in the US next year where they believe the potential is “colossal”.

The director of Cully & Sully Ltd, Colum O’Sullivan, yesterday confirmed the artisan food firm’s intention to be selling its products in the US next year.

The expanding Cork-based firm supplies its hot pots, fresh soups, and pies to all of the major Irish retailers. Mr O’Sullivan said that fresh soups are not generally available in the US food market&.

Mr O’Sullivan outlined the plans when commenting on new accounts for Cully & Sully Ltd that show accumulated profits dropped by €150,991, from €673,848 to €522,857, in the year to the end of Dec 2011.

Mr O’Sullivan and Cully & Sully co-founder Cullen Allen completed a multimillion-euro deal when selling their business to New York-based organic products group, Hain Celestial in April of this year.

The two founding directors are to remain on with Cully & Sully. Mr O’Sullivan said: “We are still very much in charge.”

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 Jun 30, 2014.

Mr O’Sullivan declined to comment on the finances of the deal, but said: “Business was good last year and is going well this year.”

The abridged figures for 2011 show the firm’s cash declined from €577,470 to €494,525.

Mr O’Sullivan declined to state what the firm’s revenues were last year and whether the company made a profit or not. It paid €153,388 in corporation tax last year compared to €8,658 in 2010, indicating higher volumes in business.