Avoca Handweavers, the retail and cafe business owned and operated by the Pratt family, recorded a 70% increase in net profits to €2.2m for the year to the end of January last, while sales rose more modestly – up by just €1m to €59m.
The company’s accounts confirm it’s in buy-out talks, the sale price could be more than €50m if Avoca’s properties are included.
Net profits rose from €1.3m to €2.2m - it has retained profits on its balance sheet of €21m.
The 40 year-old business operates 11 outlets in Ireland and is owned by founders Donald and Hilary Pratt and their four children.
Managing Director, Simon Pratt has confirmed he and other family members will continue to run the business in the event of a likely sale.
The group is currently in exclusive talks with Aramark, and they understood to be at an advanced stage.
