Investment boost of €1.3m into Ina’s Kitchen Desserts
By Maurice Garvey
NEW investment of €1.3m has been directed into Tallaght business Ina’s Kitchen Desserts through €650,000 additional funding from majority shareholder Starkane/BDO Development Capital, matched by €650,000 of funding from Enterprise Ireland.
Last December, the High Court dismissed an application to appoint an examiner to the business.
Broderick’s is located in Whitestown in Tallaght
The application was made by Barry Broderick, a director and shareholder in the Whitestown-based producer of mainly chocolate food products.
It employs 107 people and operates under the registered business names of Ina’s Kitchen Desserts, Broderick’s, Ina’s Handmade Foods and Broderick’s Handmade.
Mr Broderick was supported in his application by other family shareholders, his brother Bernard and parents Michael and Ina in whose kitchen the business was started 26 years ago.
The Broderick family between them own 25 percent of the shareholding while a special purpose vehicle company called Starkane Ltd, funded by the BDO Development Capital Fund, owns 75 per cent.
In a trading update this week, Starkane and BDO Development Capital said Broderick’s has recently completed a number of important milestones which position it well to continue the execution of it’s growth strategy.
This includes completion of a profitable EBITDA year’s trading in 2020, despite Covid-19.
It also said Revenue has completed it’s enquiry into the company’s use of the TWSS Covid support scheme in 2020, and confirmed the company’s use was in compliance with the scheme.
According to the board and majority shareholders, the €1.3m investment will be applied to a range of initiatives including capital expenditure programmes, innovation and development agendas with all major customers and extending the business’s branded platform to include new products and customers.
Up to 16 branded products were launched with two major Irish grocery retail customers in 2020.
“The Board, together with the senior management team, along with our majority shareholder Starkane/BDO Development Capital, will continue to focus on providing customers with a best-in-class product range and customer service.
“We are excited by the company’s potential to continue to grow through excellence in quality, innovation and service in all aspects of the business.”
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