Accounts filed with the Companies Office by Thomas Flynn & Sons, the Mullingar-based agribusiness, show the company’s animal feed business recorded pre-tax losses of €1.5m. Flynns manufacture some 15,000t of feed each year and had annual sales of €6.7m for the year ended June 2017. The business made an operating loss of €1.4m.
Based on these losses, directors in Flynns commenced a restructuring plan over the last year.
In January 2017, the Co Meath-based feed merchants Drummonds took over the animal feed business from Flynns.
Outside of its animal feed business, Thomas Flynn & Sons operated a retail shop, oil distribution business and farm machinery sales for Massey Ferguson and Fendt. This side of the business generated sales of €16.2m for 2017 but traded at a loss of just under €70,000.
In May last year, Flynns commenced the phased exit from its machinery business. The company will now focus on its fuel distribution and retail business, which remain profitable.