Business

Tasty trading year for Lynas Foodservice as sales hit a record high

Lynas Foodservice in Coleraine has seen its turnover rise to a record £131 million
Gary McDonald Business Editor

COLERAINE-headquartered Lynas Foodservice, one of Ireland's largest food distributors, saw its sales rise by more than £15 million to a record high of £131.6 million in the year to last October.

The family-run firm, which has more than 5,000 customers and offers 6,000 products across frozen, chilled, ambient and non-foods, also saw its gross profit lift from £21.8m to £25.1m, although after tax it retained £2,229,276, a shade down on the previous year (£2,417,530).

However, the directors of Lynas said they considered the 2017 results to be "satisfactory".

According to accounts filed at Companies House, Lynas is also sitting on reserves of more than £24 million, and in the last year it more than doubled the dividends it paid from £390,000 to £991,231.

The accounts also show that the company's workforce rose from 437 to 490 (made up of 287 staff in distribution, 141 in sales and 62 in administration).

That in turn pushed up the wages bill from £11.6m to nearly £13.6m. The package for the highest-paid director was £110,375.

Among the highlights for the Lynas company in its last trading year was an expansion into the Scottish market.

It was also one of four Irish companies to agree contracts with Center Parcs for the food and beverage offer at its Longford Forest resort.

The company was founded in 1945 by Bobby Lynas when he opened a small fishmongers on Brook Street in Coleraine.

His son Norman joined the business aged 16 after his father suffered a heart attack and was responsible for its move into frozen food.

The company is now led by Bobby's grandson Andrew, and has also developed a butchery offering, Causeway Prime.

Last year director Norman Lynas was awarded an OBE for services to the business sector, charity and the community in Northern Ireland.

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