Newly-filed accounts for Ireland's biggest Domino's franchisee, Shorecal, have revealed that the business's profits declined to €8.8 million last year from €9.2 million in 2019.
As reported by The Irish Independent, the UK-based Domino's Pizza Group, which controls the Domino's franchise in Ireland, the UK, Switzerland and Liechtenstein, purchased a 15% a stake in Shorecal for €12.5 million last year.
Shorecal, which, is majority controlled by Northern Ireland's Caldwell family, currently controls approximately 30 Domino's Pizza outlets in Ireland.
Shorecal's newly-filed accounts also reveal that its revenues rose by 6% to €53.7 million last year, but higher interest charges resulted in its profits decreasing.
Additionally, the business paid no dividends last year, after paying €4.6 million in 2018.
Shorecal's business has continued to trade during the COVID-19 pandemic as it deemed an essential service, however, Shorecal directors stated in the accounts, "The COVID-19 pandemic has had a negative on its trading activities since the year end and has resulted in a lower than expected level of trading activity."
© 2020 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.