THE acquisition of the Carry Out off-licence business is expected to add €42 million to the Barry Group’s turnover.
The Mallow, Co Cork-based company yesterday completed the acquisition of the off-licence operation, which has 52 outlets in the country.
The deal was first revealed in the Irish Examiner yesterday.
The Barry Group said the acquisition gives it a 35% share of the specialist off-licence market.
The Carry Out business was previously owned by Cork-based Galvin’s Wholesale, which went into examinership in September.
Galvin’s wholesale went into receivership earlier this month and the Barry Group has acquired the Carry Out business from the receiver.
Barry Group managing director Jim Barry said: “This takeover represents a substantial investment and a significant milestone for the Barry Group as we look to build our footprint in the mainstream off-sales sector.
“We believe that this deal will allow us grow our scale and leverage our increased buying power across all our selling channels.”
The Barry Group employs 218 staff and supplies products to over 700 outlets. Cork-based drink distributors, Barry & Fitzwilliam had been close to signing a deal recently to acquire the Carry Out operations. However, company owner Michael Barry said that he decided “not to pursue” his interest in Carry Out.
Barry & Fitzwilliam had appointed Deloitte to carry out due diligence.
In the year to the end of January the Barry Group saw sales increase 6.2% to €201.02m.
Group profit before tax rose to €2.67m from €2.55m a year earlier, profit after tax was €2.47m.
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