The Flynn twins’ Happy Pear business returns to profitability

Greystones twins David and Stephen Flynn’s Happy Pear business returned to profitability last year after three years of losses.

The brothers’ Flynn & Flynn Global Trade Ltd accounts show that the company posted an after-tax profit of €175,993 in 2021.

Last year’s gains follow losses of €502,110 in 2020, which included exceptional costs related to site closures, restructuring and financing, and losses of €463,137 in 2019 and €672,970 in 2018.

The company returned to profitability last year, with a note accompanying the financial statements stating that “the Covid-19 pandemic has had a significant impact on the Company’s operations” and that directors took immediate action to address the mitigate the impact on the business as much as possible.

The impact of Covid-19 included the decision not to reopen two retail outlets, the Clondalkin cafe and Dublin Airport Concession, which had been closed during lockdown, and the restructuring of business and staff redundancy schemes.

Directors’ actions also included a review and reduction of operating costs.

The statement states: “Based on the current situation, the actions taken by the directors and a review of forecasts and projections, it is the opinion of the directors that it is appropriate to prepare the financial statements on a going concern basis.”

The twins now operate a retail shop, cafe and bakery on Church Rd, Greystones and a cafe at Shoreline Leisure Center in Greystones.

The previous year’s after-tax profit includes government Covid-19 wage subsidy payments of €327,919. The profit also includes non-cash depreciation expense of €230,244 and operating lease expense of €112,985.

The twins run a business that includes the purchase, production and sale of vegetarian and vegan food and beverages through wholesale and a network of retail stores, as well as the sale of online health and wellness courses. The company also participates in the delivery of health and wellness talks and cooking demonstrations on-site and virtually.

The Company also has an exclusive partnership agreement with Musgraves for the production, distribution and marketing of its branded retail products. Five sit on the company’s board and directors’ remuneration increased from €581,843 to €668,529 last year, including €40,000 in pension contributions. The profit reduced the accumulated losses from €2.23 million to €2.05 million. The company’s cash on hand fell from €1.2 million to €333,565.

https://www.independent.ie/business/irish/flynn-twins-happy-pear-business-returns-to-profit-42174553.html The Flynn twins’ Happy Pear business returns to profitability

Fry Electronics Team

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