Jelly Bean Factory valued at almost €40m in internal deal

An internal deal at the Cloetta confectionery group has put a value of €39.34 million on its main Irish business, the Jelly Bean Factory.

The Scandinavian group, through its Irish subsidiary, Cloetta Ireland Ltd, operates Dublin-based jelly bean maker, the Jelly Bean Factory.

New accounts for Cloetta Ireland Ltd disclose that in December 2021 as part of a planned group reorganisation, Cloetta Ireland Ltd was sold by Cloetta Ireland Holdings Ltd to Cloetta Holland BV for €39.34 million.

In May 2014, Cloetta acquired 75 per cent of father and son Peter and Richard Cullens’ Jelly Bean Factory brand for €15.5 million in cash.

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In July 2016, co-founder of the business, Richard Cullen, received a further €10.12 million windfall when selling his remaining shareholding to Cloetta.

The latest accounts show that for last year Cloetta Ireland Ltd recorded a 20 per cent increase in pre-tax profits to €1.79 million. Revenues rose by 9 per cent to €12.3 million. The directors state that exports accounted for 73 per cent of sales.

On the impact of inflation on the business this year, the directors said a robust pricing strategy that ensured that any cost increases were recoverable from its customers was a basic staple and critical component in neutralising the impact.

“Also, some re-engineering for value is inevitable as we look at our packed brands to continue to represent good value for money to a consumer with perhaps less disposable income to spend,” they said.

In the second half of 2021, “we saw demand approaching pre-Covid 19 levels”.

Numbers employed remained at 69 and staff costs totalled €2.68 million. The firm received €128,970 in Covid-19 wage subsidies between March and August 2020 and none last year.