Sheridans Cheesemongers back in the black after 2014 loss

Firm recently opened two units in Dunnes’ Rathmines and Stephen’s Green stores

 

Sheridans, the artisan cheesemongers, saw its fortunes reverse in 2014 as it posted a €58,098 pretax loss, versus a €52,383 profit the year before.

The company, which recently teamed up with Dunnes to open two counters in the retailer’s Stephen’s Green and Rathmines outlets, recorded turnover of €5.28 million, compared to €5.45 million a year earlier, newly-filed accounts show.

Sheridans, which was established by brothers Kevin and Séamus Sheridan in 1995, employs 45 people. The latest accounts show wholesale revenues totalled €3.32 million in 2014 versus €3.47 million a year earlier. Retail income came in at €1.95 million versus €1.97 million a year earlier.

Managing director Kevin Sheridan told The Irish Times that while the company had reported a small loss for 2014, it had bounced back into profit the following year.

“Sales were up significantly in 2015 and 2016 is looking good so far. Turnover should also be up for both years,” he said.

The group operates retail stores in Dublin, Galway and Kells, and it also has a presence in the Ardkeen Food store in Waterford city.

About 70 per cent of the company’s business is wholesale with 30 per cent retail. In addition to selling cheeses it also has a number of supplementary products of its own, including crackers, chutneys and condiments.

“Our two outlets with Dunnes, which opened up late last year, aren’t yet signiciant in terms of turnover but are an additional bit of business and it is still early days Our objective is to ensure they are both successful,” said Mr Sheridan.

He said the company was successfully building up its exports business. Exports currently account for about 5 per cent of income, but are growing with the company achieving a full listing with Marks and Spencer in the UK early last year.

“Exports are still a small part of our business but it is the biggest growth area and we’re showing progress in the UK and in the US” said Mr Sheridan.

Staff costs, including directors’ remuneration, came in at €1.01 million in 2014, as against €1.03 million a year earlier.