Profits Up 70% at Avoca as Aramark Closes In
Avoca Handweavers saw profits increase by 70 per cent last year as the family-owned company looks set to sell to foodservice giant Aramark.
The retail and food business recorded an €1 million increase in sales to €59 million in the year up to the end of 2015, while profits jumped from €1.3 million to €2.2 million.
The Irish Times reports that the business is in exclusive sales talks with US-based Aramark for a potential sale, which could fetch in excess of €50 million if the 11 properties are included.
The company, which deals in luxury retail goods and cafés, improved its cash-flow management and cut costs during the year, typically a sign of an impending sale.
Started by Donald Pratt in the 1970s as a textiles outlet, it is now run by his son Simon Pratt. Simon previously said he didn't wish to pass the business on to the next generation of the family, as 'It would be almost inevitable that there would be conflict".