2 December 2011
Grant Thornton launches comprehensive guide for food & beverage companies
Professional advisory firm Grant Thornton today (2 December) launched the Smart Ingredients for Success guide for food and beverage companies at a major gathering of the sector in Croke Park.
The event, chaired by broadcaster and former Minister for Agriculture, Ivan Yates, included panellists from the world of politics and policy (Mairead McGuiness, MEP, Paul Kelly, IBEC, Margaret Jeffares, Good Food Ireland) to the retailers (Carmel Anne Brennan, Tesco) to those who have taken a product from infancy to the supermarket shelves (Yasmin Hyde, Ballymaloe Country Relish), as well as representatives from the State Agencies (Prof Gerry Boyle, Teagasc, Richard Keegan, Enterprise Ireland).
The guide, which was launched to the gathering of food and beverage producers, manufacturers and business owners outlines the smart ingredients necessary to drive business success, namely productivity; building scale; business and financial planning and innovation to differentiate companies from their competitors.
The guide also takes stock of the challenges and opportunities facing the sector in Ireland. Despite a sluggish domestic economy, limited access to finance and the influence of the Troika, Ireland boasts a young, well-educated population, a well-established culture of entrepreneurship and export experience and capability.
Head of Food and Beverage in Grant Thornton Ciara Jackson said, "Today's discussion highlighted the environment facing many companies who every day are struggling, surviving and succeeding in the sector. It is clear that by focussing on creativity and productivity, whilst always planning for the future, companies are sowing the seeds of success."
The Food and Beverage sector is one of Ireland's most important indigenous sectors with exports for 2011 expected to reach an all time high of 8.9billion.
However, despite its prominence, and the growth of nearly 1 billion in the past year alone, it has not escaped the pressures of the current economic climate. Our guide on succeeding in the food and beverage sector aims to equip companies working in the sector with the right ingredients to increase consumers appetite and assist them in becoming the breadwinners of our economy.
Speaking on the mergers and acquisitions in the food and beverage sector, Jim Menzies, Grant Thornton's Global food and Beverage Leader in Grant Thornton Canada said, "Given the challenges facing the Irish economy currently, it is interesting to note that virtually all M&A activity in the sector to date has involved Irish acquirers buying both Irish and overseas businesses, rather than foreign buyers seeking out bargains in a distressed Irish economy as might have been expected."
So far this year, the sector in Ireland has seen 14 transactions completed or pending completion and this itself is a testament to the underlying strength and resilience of Irish food and beverage businesses.
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