SIBLY’S CHAIN REACTION

Nutritious snacks marketed as energy balls have proved a hit for Ballydesmond entrepreneur Matthew Collins (27) and his business partner Brendan Fleming (42). Collins started mixing oats with butter, cream cheese and other ingredients while studying PE and English Teaching at University of Limerick. Positive feedback from students encouraged Collins to take a stall at a Christmas market, and from there it was on to establishing Sibly Foods Ltd in May 2021.

Sibly’s biggest fan is supermarket chain Aldi, which recently committed to a one-year supply deal for Cacao & Nut Butter Energy Balls, and Classic Nut Butter Energy Balls, which retail at €4 for four of the snacks. Aldi said the deal could be worth up to €1m in sales for the Cork venture, and Sibly anticipates investing in upgraded machinery, increased storage, and a new packing and distribution facility.

Collins impressed Aldi in 2022 when he took part in the retailer’s annual Grow with Aldi incubation programme for micro food and drink businesses. He was selected as one of five winners for the supplier development programme and received hands-on mentorship as he scaled his production for Aldi’s 161 stores.

That boost assisted Sibly Foods to a €250,000 profit in the year to June 2022. Better was to follow as the energy balls were gobbled up, with the company booking a net profit €660,000 in the year to June 2023.

Student snacks have turned out well for Matthew Collins.

The founders didn’t lose the run of themselves – they shared €28,000 in remuneration. At financial year-end, the start-up had €917,000 in the bank.

Collins, who speaks for 55% of the equity, takes pride in local ingredients. Cream is sourced from Lee Strand Dairy in Tralee, cream cheese comes from a Tipperary supplier, and the oats are purchased from Flahavan’s in Waterford. “Our stickers are designed in Kerry and printed in Limerick, the boxes are produced by a Kerry business, and all our transport is done by a Cork company,” Collins adds.