Profits surge at family-run Cork fast food restaurants
New accounts filed by the Cregan family-run Dinos Group Ltd show that the group recorded the jump in profits as revenues rose by 8 per cent from €7.43 million to €8.03 million in the 12 months to the end of July last year.
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The group today employs 160 and only last month expanded to open a new drive-thru in Middleton, Co Cork.
The new outlet is in addition to outlets at Ballincollig, Douglas, Blackpool, Bishopstown, Grange, Kinsale and Turner's Cross.
Noel Cregan, director at the group, said the increase in revenues and profits was achieved through organic growth, with in-store footfall increasing year over year.
The business also received a boost with third-party sales, with Dinos-branded products now available on the shelves of other retail outlets.
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Mr Cregan said: 'We have partnered with various wholesale distributors in Ireland to get our product on the shelves of local supermarkets."
'2022/23 was an exceptional year for raw material costs. For much of the year, potato prices had increased to an unsustainable level. Fortunately they have reverted somewhat, albeit still not at pre pandemic levels."
'Dinos are committed to using locally grown produce in our stores, and our potato supply comes specifically from farmers in east Cork."
Mr Cregan added: 'We offer the best quality and aim to be the best for value for money in the market. Our aim is to remain the most competitive in the market among our competitors."
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Staff costs last year increased from €2.8 million to €3.03 million.
The accounts show that the company has obtained bank funding for €2.275 million for the construction and fit out of its new drive-thru in Midleton.
Mr Cregan said the project has been in development for some time and to date, 'the new store has been a great success, and we are delighted to bring Dinos to Midleton and engage with the local community there'.
The directors state that 'the group plans to concentrate on improving the profitability of its current business in the hot food takeaway retail sector and intends to expand the number of retail outlets in the next few years.
Mr Cregan's parents, Denis and Mary Cregan started the business in the early 1970s. Mr Cregan is one of seven Cregans involved in the business, with 'five of us on a full-time basis and two on the periphery'.
Noel Cregan said that his parents have 15 grandchildren 'and the ones that are old enough have all worked in the business at some point also'.
Accumulated profits at the end of July 2024 totalled €5.93 million.
Cash funds increased from €512,361 to €602,792.
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