Aramark agrees terms for proposed takeover of Avoca stores

International contract catering and building services firm, Aramark, has agreed terms for its proposed takeover of Irish retail and cafe business, Avoca.

The two parties were known to be in advanced talks over a deal, but only announced that formal agreement had been reached yesterday.

The deal will have to be approved by the Competition and Consumer Protection Commission here.

Avoca, which has a reputation for promoting artisan food and craft products, operates 11 destinations across the island of Ireland including cafes, food halls and destination stores.

The group also has a very successful ‘Avoca@Home’ catering company. Retail Week magazine has also ranked Avoca one of the world’s 100 most inspirational stores.

Last month, it was reported that Avoca upped its sales by €1m, to nearly €59m, last year and saw profits grow by 70%.

Owned by the Pratt family, it was formed in the 1970s as a textiles operation, originally being known as Avoca Handweavers.MD Simon Pratt will remain in charge of the business, which will, on completion, become a separate business unit within Aramark’s existing Irish operations.

“In Aramark we have found a global partner which recognises the uniqueness of the Avoca brand and is committed to maintaining the heritage of our company... Avoca has been in existence for nearly 300 years and with this acquisition we are securing its future and that of our 850 employees,” Mr Pratt said.