Monday 24 October 2016

Arnotts rings up €120m


sales at Arnotts, which is at the centre of a takeover battle between its two owners, topped more than €120m in the 12 months to the end of January 2014.

According to new accounts just filed for the company, turnover was just over €120m during the firm's 2014 financial year, which ran for the 12 months to January 26. This compared with sales of €117m for the 2013 financial year and €118.8m the year before.

Excluding exceptional gains made from a write-back worth €10m, the retailer made a profit of about €2.5m for the financial year before interest and taxes.

This compares favourably with previous years when the company was losing millions, although the firm was still in the red due to the cost of servicing its €383m of legacy debt.

This debt has since been bought by US fund Apollo and Fitzwilliam Finance Partners led by solicitor Noel Smyth.

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