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Updated 13.45
THE AVOCA CHAIN of cafés and retail outlets has been sold to US-based multinational catering giant Aramark.
The deal announced today, which still needs to clear the Irish competition watchdog, comes with a reported pricetag of more than €60 million and a promise to open another five stores at an investment of up to €15 million.
The near 300-year-old Avoca Handweavers business was bought by its current owners, the Pratt family, in 1974 and expanded into a national network of shops selling clothes and other craft products, as well as cafés and food halls.
It also exports blankets and clothes, and runs a high-end catering business.
Speaking on Newstalk’s The Pat Kenny Show this morning, Avoca managing director Simon Pratt, whose parents Donald and Hilary began developing the business four decades ago, said the company would “not be cutting corners” under its new owners.
“We will not be exchanging butter for margarine on our scones, we will not be making it smaller, we will be making it better,” he said.
Pratt said he signed a three-year agreement to keep running the business as part of the deal, as did the rest of Avoca’s senior management.
One of the things that’s been said to us over the past while is ‘ooh it’ll change’ … the message from Aramark and from me and from everyone in the senior team is that we’re absolutely determined to prove that’s not so.”
A different direction
Aramark is already a major multinational employer in Ireland with over 5,000 staff across the island and in its EMEA operations, which are headquartered in Dublin.
Its global businesses range from serving food at sporting events, hospitals and schools, to providing staff, uniforms and cleaning services. However the Avoca buyout will be Aramark’s first foray into the luxury retail business.
In an earlier statement, Pratt said in Aramark his family’s business had found a “global partner which recognises the uniqueness of the (brand) and is committed to maintaining the heritage of our company”.
The new owner would help the brand “reach (its) fullest potential and to continue to grow both in Ireland an internationally”, he said.
Publicly listed Aramark, which turned over some $14.8 billion (€13.8 billion) last year, employs more than 270,000 people worldwide.
The head of its Irish business, Donal O’Brien, said Avoca gave it the opportunity to “internationalise a truly Irish culinary dining experience”.
Avoca will be kept as a separate business unit in Aramark’s Irish operations with Pratt remaining at the helm for now.
First published 11.09am
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You’d be half cut drinking that stuff anyway.
Haha
I was in a posh restaurant for a birthday party and they was charging €43 for wine that you can buy in Tesco for €11.99 such a rip off is wine.
Joseph it’s called making a profit and a restaurant has over heads and many staff to pay as well..Lets be sensible.
I find this hard to believe. most restaurants have there own direct suppliers meaning that most wine served in restaurants you will not find in the shops. it is possible that the wine served could be a reserved grand cru version off a similar brand of wine.
It’s all part of running a business and making a profit I’m afraid! You could have stayed at home, cooked your own dinner, used your own electricity, and served your own €11.99 bottle of wine to yourself. Instead, you chose to pay for the privilege of having somebody else do all that for you! Fair game!
Exactly Alan, sure steak cost me €24 last nyt and could have brought the same size for bout €5 in Tesco. Why should wine be different. And dont get me started on coke and beer
That tells more about Tesco selling alcohol at cost than it does about the restaurant.
What was the wine ??
Any proofreading done at thejournal at all at all??
Don’t bottles usually contain pieces of glass? Particularly if they’re glass bottles.
Bernadette, that’s right, they do! However, the general idea is that all the bits of glass stay together in the shape of a bottle and they keep the wine nice and safe and warm and dry. If it’s white. Ok?
Keep the wine dry???
Thanks so much James. Invaluable information.!
Dry white wine Emily…….ever encountered it?
Don’t worry Bernadette, you’ll get there eventually.
Wow they just have stock photos for everything don’t they :D
Just eat &drink at home, Da Da!!
I’ll take my chances.
From someone who brews there own beer, take it from me it really really easy not to put glass in an alcoholic drink when you make it.
have your say