THE GREYSTONES TWINS behind the Happy Pear empire have enjoyed a 40% increase in revenue so far this year after the business delivered a loss in 2016.
Last year, the business – set up in 2004 by brothers David and Stephen Flynn – opened a new 14,000 sq ft production facility in Kilcoole, County Wicklow, and the business raised €1.5 million in funding to expand its café business.
Now, new accounts show that expansion costs at Flynn & Flynn Global Trade Ltd resulted in the business recording a loss of €77,410 last year.
The loss followed the business – which started as a small vegetable shop – enjoying a profit of €45,506 in 2015, when the business had revenue of around €4 million.
A spokeswoman for the Happy Pear said: “Our current performance remains solid across all parts of the business and we’re continuing to grow and invest significantly in the business and our people.”
A growing empire
The company now employs around 170 people and has recorded the significant jump in income with this year’s trade. It had an average of 93 people on its payroll in 2016, up from 63 the previous year.
It operates three Happy Pear outlets – two in Greystones and one in Clondalkin followed the twins opening a new café and food store at the Round Tower, Bru Chronain.
The spokeswoman added the company hoped to open another Dublin café this year, while a third cookbook from the pair would be published by Penguin in spring 2018. The company is also launching new products in SuperValu outlets next week.
The new accounts show that the firm’s cash pile last year soared from €95,503 to €1.33 million.
The €1.5 million in funding resulted in the company’s shareholder funds increasing from €59,700 to €1.48 million at the end of last year.
The Flynn twins sit on the board with their younger brother, Darragh. The aggregate pay to directors from the company last year totalled €95,568 – the same level as 2015.