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Limerick catering supplier Sysco took €78m Covid revenue hit

Linda Stewart — Wed, 01 Jun 2022 09:49:46 +0000

Limerick-based food service wholesaler Sysco Foods Ireland last year sustained a €78m hit to revenues due to the pandemic.

That is according to new accounts for the Newcastle West-based business, Sysco Foods Ireland Unlimited, which show that the business, formerly Pallas Foods, recorded a pre-tax loss of €8.8m in the 12 months to the end of July 3 last as the business grappled with the impact of Covid-19.

The US-owned business, which changed its name to Sysco Ireland on May 10 last year, supplies food to thousands of hotels, shops, restaurants and pubs here along with healthcare and educational facilities and the figures show that revenues decreased by €78m, or 24pc, from €326.4m to €248.39m.

The directors state that in achieving the revenues, the company focused on sales with existing customers through its range of products and quality of service while operating in an industry that has been severely impacted by the Covid-19 global pandemic.

The business was led by Dubliner Peter Jackson during the period and Mr Jackson was appointed as CEO to Sysco in Britain in January of this year.

The directors state that the gross margin remained at 23pc for the period and this was achieved through a rigid cost management process, strong relationships with company suppliers and a change in the product mix.

The pre-tax loss of €8.8m followed a pre-tax loss of €24.17m in 2020 – the 2020 loss was largely attributable to a non-cash impairment charge of €15.54m.

The pre-tax loss last year also takes account of interest costs of €4.59m.

The business last year received €16.22m in Covid-19 Wage Subsidy Scheme payments and this followed Covid-19 Wage Subsidy Scheme payments of €3.76m.

Numbers employed reduced from 1,281 and 1,241 while staff costs reduced from €39.75m to €28.27m.

The staff costs include wages and salaries reducing from €34.1m to €21.58m while redundancy costs increased more than four fold from €1.1m to €4.6m.

The pre-tax loss last year takes account of non-cash depreciation costs of €3.67m and non-cash amortisation costs of €1.6m.

The loss also takes account of operating lease costs of €1.98m and a €563,639 loss on sale of financial assets.

At the end of June last, the company had shareholder funds of €85.9m that included accumulated profits of €41.2m.

The company’s cash funds reduced from €12.54m to €7m.

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Musgrave MarketPlace appoints Declan Flood as new head of foodservice sales

Linda Stewart — Mon, 14 Mar 2022 14:35:04 +0000

Musgrave MarketPlace, Ireland’s only 100% Irish-owned national Foodservice wholesaler, has appointed Declan Flood as its Head of Foodservice Sales.

Bringing more than 20 years’ experience of sales leadership to the business, Declan will be responsible for maintaining the wholesaler’s strong partnership ethos, supporting customers as they continue to emerge from the pandemic, which saw customers innovating with new business models to meet challenges.

With the pandemic also accelerating the move to digital for many foodservice customers, Declan will take the lead on migrating and recruiting customers to the new and improved online store, creating a seamless shopping experience on the business’s fastest growing channel.

He will support Musgrave MarketPlace on its brand promise of being First for Service, First for Choice and First for Value to Foodservice customers all over Ireland.

An accomplished leader, Declan has a wealth of experience in sales and channel management across field sales, inside sales and digital sales in B2B and B2C markets.

He has held several senior commercial roles, most recently as Head of Sales in Bulmers and prior to this Head of Sales in Sysco and Head of Sales in Eir. Declan will bring his collaborative leadership style to the business, with an emphasis on coaching and mentoring.

Speaking on the announcement Declan Flood said: “I’m delighted to join Musgrave MarketPlace as Head of Foodservice Sales and I look forward to sharing my extensive sales and management experience with the business. I’m excited about the prospects for Musgrave MarketPlace and will work closely with the management team and our colleagues to implement a challenging but rewarding strategy, identify new commercial opportunities and support our customers.”

Michael McCormack, Managing Director, Musgrave MarketPlace, said: “It is with great pleasure that I announce Declan Flood has been appointed to Head of Foodservice Sales in Musgrave MarketPlace. Declan has an outstanding track record in sales leadership and will be a fantastic addition to the management team as we continue to drive growth and invest in our foodservice business. As a company, our aim is to grow good, sustainable businesses for our customers and Declan will be a key part of this.”

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Mark Lee appointed CEO at Sysco Ireland

Linda Stewart — Thu, 13 Jan 2022 11:15:52 +0000

Foodservice business Sysco Ireland has announced that Mark Lee has been appointed CEO.

The move follows a handover period with outgoing CEO Peter Jackson, who has been appointed as the new CEO of Sysco in Great Britain, effective January 1 2022.

Mark joined Sysco Ireland in December 2018 as Commercial Director, responsible for sales, marketing, and customer engagement.

His achievements include overseeing the rebrand of Pallas Foods to Sysco Ireland, the largest foodservice business with over 10,000 customers and 7-day delivery coverage nationwide.

He also led the significant growth of Sysco’s independent customer business, managed the rollout of Sysco’s World Food customer proposition, and launched a new e-commerce platform, Sysco Store. Prior to joining Sysco, Mark held senior roles at Brook Foods, Compass Group and the Doyle Collection, developing a broad base of commercial leadership experience.

Commenting on the appointment, Executive Vice President & President, Foodservice Operations of Sysco International, Tim Ørting, said: “Under Mark’s commercial leadership, independent foodservice sales have grown rapidly across the island of Ireland over the last three years.

“The rebrand to Sysco Ireland and launch of Sysco Store have proven to be very compelling for our independent customers, making it even easier to engage with our business and help us to consistently deliver for them, every day.

“I would like to thank Peter Jackson for his leadership over the past four years, having brought our businesses in the north and south together under a single brand umbrella. I wish him the very best as he takes on his new role as CEO of Sysco in Great Britain.”

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