Food firm hit by horsemeat scandal

The horsemeat scandal contributed to one of the country’s largest food processors, the Co Waterford- based Arrow Group plunging into the red last year.

New figures show that the firm recorded a pre-tax loss last year of €11.6m following a pre-tax profit of €2.34m in 2012 — a negative swing of €13.94m.

This followed revenues at the group — which employs 1,603 and is owned by brothers, Peter, John and Michael Queally — declining by 3% from €443.56m to €429.35m.