Bewley’s, the country’s biggest supplier of coffee, paid down debt of €2m and redeemed shares to the value of almost €7m last year as part of a balance sheet reorganisation, according to accounts, writes Brian Carey.
The company — whose Ireland’s Biggest Coffee Morning fundraiser for the Irish Hospice Foundation was supported by TV presenter Claire Byrne, pictured — ended the year debt free, though it has since agreed a new financing facility with Ulster Bank. The chain is engaged in a €1m revamp of its landmark cafe in Grafton Street, Dublin, which is closed for renovations.
The company’s biggest shareholder is Patrick Campbell, a former chief executive. Now a sculptor, Campbell lives in Florence and would have been the biggest beneficiary of the share redemption.
The group dipped into loss last year as a result of a €5m provision for the “onerous lease” on the Grafton Street coffee shop.
The Supreme Court ruled in July 2014 that the company must pay rent of €1.46m on the Grafton Street venue until 2017, despite Bewley’s claim that the rent did not reflect market rents. The company, which also owns cafes in America, posted sales of €107m, up 3.8% on 2013.
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The group changed its name
from Campbell Bewley’s to Bewley’s earlier this year. Patrick Bewley, a member of the founding family, also joined the board.