Belfast Telegraph

UK Website Of The Year

Co Londonderry frozen food firm sees sales rise to over £100m

By Margaret Canning

Published 12/08/2015

Andrew Lynas
Andrew Lynas

A third generation food company in Co Londonderry increased its sales to over £100m last year, its latest accounts show.

Lynas Foodservice in Coleraine supplies chilled and frozen foods to food outlets, businesses and public bodies.

In the year to the end of December, turnover grew from £93.5m to £105.5m. The company now employs 340 people, up from 253.

Gross profit was £18m, up from £16.6m - but pre-tax profits were down to £2.3m from £3.6m.

A strategic report accompanying the results, filed at Companies House, said: "The company will continue to seek every opportunity to increase profitable turnover."

Lynas Foodservice said it was exposed to "financial risks such as price risk, credit risk, foreign exchange risk and interest rate risk".

The company is now led by 34-year-old Andrew Lynas and banks with Ulster Bank, Danske Bank and Bank of Ireland.

It had also made a charitable donation through the Lynas Charitable Trust of £300,000 - which the company said was a continuing policy of the directors.

The company's pay bill had increased from £7.37m to £9.36m.

Its four directors Andrew Lynas, Norman Lynas, Alastair Magee and Ian Crowe, received salaries of £182,000 between them.

The company was founded 70 years ago 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.

The company's website states that it makes 8,000 deliveries every week around Ireland from four distribution hubs.

It also has food outlets for the trade in Belfast and Coleraine.

Belfast Telegraph

Your Comments

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting? customercare@belfasttelegraph.co.uk

Read More

From Belfast Telegraph