Retailer Menarys turns fortunes around as sales and profits on rise
Family-owned retail chain Menarys has grown its sales to almost £20m, with pre-tax profits of more than £340,000.
The company, which has a range of fashion outlets across Ireland, saw turnover rising to £19.5m, according to the latest accounts for Menarys Retail Limited, ending January 2019.
It is the latest boost for Menarys, which has its headquarters in Dungannon, Co Tyrone, after a difficult number of years of trading which resulted in store closures and debt restructuring.
In 2014 Menarys entered into a Company Voluntary Arrangement (CVA), a procedure used by firms under financial pressure, and stores in Portadown and Dublin were closed after they were unable to secure lower rent for the premises, with a reduction of staff from 361 to 338.
However, the firm has returned to profit in the last few years and turnover in the latest accounts was up to £19.5m compared to £18.4m the previous year.
At the same time the company's posted pre-tax profits of more than £340,000.
In December the business announced a quadrupling in revenue from online sales on Black Friday, which it said was largely down to improvements to its website.
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The department store chain also opened two new stores in November last year following six years of continual performance improvements.
The retailer launched a new store in Ballymena at the beginning of the month and a second unit in Enniskillen was opened on November 15, bringing total numbers to 18.
The stores created 20 jobs between them.
A further 50 temporary posts were created across its other shops for the Christmas period.
The openings were the first since the group recovered from several loss-making years and after it entered into a CVA.
At the time Stephen McCammon, managing director of the firm, said: "The group is performing well.
"We went through a lot of difficulties in 2011 and 2012 but we've had what has been six years of continual improvements and this year looks like it's going to carry on that way too.
"This is the first opening we've done since 2009, so it's great to be on a progressive footing."