Inside Track: Nicky’s Plaice

Regulars go to Nicky's Plaice on the West Pier in Howth as much for the fun as the fish. This bustling business was started by Nicky McLoughin 53 years ago and is now run by his son, Martin.

What is special about your business?
The shop is renowned for its welcoming atmosphere. There is always a real buzz with lots of banter being exchanged and people travel miles to us every week. The family has been involved in the fishing industry for 200 years and the shop is located in one of the most scenic spots in the country.

What sets your products apart in your sector?
The quality of our fish. Fish is a fragile product and needs special attention. Where you source it is very important as are how you handle and store it.

Our smoked salmon is very special. We’ve had our own smokehouse for over 50 years. When we had to upgrade it in 1997 to meet new hygiene standards, we designed our own kiln in order to preserve the traditional smoking process.

What has been your major success to date?
Keeping the best of the old and taking on the new. For example, adapting to higher customer expectations, responding to the particular tastes of ethnic groups, complying with stricter health regulations and dealing with changes in quotas and fish supply.

What has been your biggest challenge?
Constantly adapting to change, coping with the impact of what's happening with the fish stocks and trying to encourage Irish people to eat more fish.

What key piece of advice would you give someone starting a business?
Work in an established business in the sector you're interested in first to experience the complexity of the business and reality of how it operates. In the case of a fresh food product, there are a lot of elements to juggle: storage, shelf life and managing stock. When they're all coming at you it can be a bit overwhelming. Get familiar with what's required and what it's going to be like in advance.

Who do you admire most in business and why?
Feargal Quinn. He started and developed a very successful business by maintaining his focus on good quality and a fair price. He is generous with his advice and always willing to pass on his ideas and insights.

I also admire the fact that he has always stayed true to what he believes in. When I come up with a new business idea I always ask myself, would Feargal Quinn do that?

What could the Government do to help small and medium-sized firms in the current environment?
Stop focusing on direct taxation because it has reduced spending power so much that people can't buy. This focus is very short-sighted.

What's the biggest mistake you have made in business?
Taking my eye off the core business when we were doing an extension to the shop. It's very easy to do it when your mind is elsewhere and I learnt that the hard way. Our prices are very competitive and the profit margin is very small.

During the time we were expanding, the fluctuations in fish prices – which can happen on a daily basis – were not responded to and our profit margin disappeared. Basically, we suffered a financial loss because I wasn’t watching.

What's your business worth and would you sell it?
I'd like to think it's worth a million but if I were offered that would I sell it? The answer is probably not. It's my baby and I still love it. I don't know what else I'd do.

In your experience are the banks lending to SMEs currently?
I don't have a lot of experience of the banks. We've always tried to paddle our own canoe when it comes to money. But from what I see and hear it seems that genuine businesses that are stuck for a few bob find it very difficult to get loans.

In conversation with Olive Keogh