Profits on the rise at healthy McCauley’s

IT’S LITTLE wonder that Sam McCauley Chemists was the subject of a €50 million investment by investment firm Carlyle Cardinal Ireland recently, as it has emerged that the company had recorded climbing turnover and profits for 2016.

New accounts published for the company show that it had a turnover of €78.8m for the year up to early October 2016 - up from €74.8m the previous year. The rise in sales helped push the firm’s operating profits above €5m, while its net income was €3.8m - an increase on the €1.9m it made in 2015.

Founded in 1953 by the late G.B. McCauley, the firm has grown from a single unit on Rafter Street in Enniscorthy to become Ireland’s largest independent pharmacy and the third largest pharmacy group in Ireland.

Earlier this year, Carlyle Cardinal announced that they had bought a majority stake in the firm in a deal believed to be worth over €50m. The deal was cleared by the state’s competition watchdog last month.

Sam McCauley remains a shareholder and is still on the firm’s board of directors, while Tony McEntee, former CEO of the Allcare Pharmacy Group and finance director of Lifestyle Sports, became the company’s Chief Executive.

The company’s accounts show its net assets stood at €31m with no significant debts.

In a statement last week, Mr McEntee said there was ‘a collective ambition among the management team and investors to double the size of the company over the next few years’.

The company currently operates 30 stores across Ireland and has almost 600 staff. It plans to expand its retail footprint, while McEntee said it also intended to grow its online and mobile presence.