Smyths Toys rang up nearly £216m (€272m) in sales in Britain and Northern Ireland last year, as an expansion paid off, writes Gavin Daly.
Sales in the UK, where the Co Galway family-owned retailer opened five new stores in 2013, shot up by 22% and pre-tax profits came in at £2.8m. Sales were flat in Northern Ireland, though profits rose slightly to £444,000. The businesses employ 1,100.
The Smyths business in the republic is incorporated as an unlimited company and does not file publicly available accounts. Total sales for the group, which is run by brothers Tony, Liam, Patrick and Thomas Smyth, are thought to exceed €500m.
Smyths has poured investment into the UK in recent years. It has about 45 stores there and new openings due in Milton Keynes, Cheltenham, Grimsby and Inverness. The company has six stores in Northern Ireland and 22 in the republic.
The directors of Smyths said they were very pleased with the results and “further expansion” would take place. The Smyth brothers’ wealth is estimated at €135m on the latest Sunday Times Rich List.