Peter Kelly sees Weddings by Franc profits soar by 340%
Newly-filed accounts for events company, Weddings by Franc — which is led by Fermoy native Mr Kelly, who trades under the name Franc — show a fourfold increase in profits, for the 12 months to the end of last June, to €52,142.
This represented a near 340% annual increase on the €11,857 profit recorded in the preceding year.
Accumulated profits jumped from €116,512 to €168,654.
The last two years of profits followed a 71% fall in accumulated profits — from €358,810 to €104,655 — in the year to the end of June, 2013.
Underlining the buoyant year enjoyed by Franc last year, the cash pile at his firm increased more than five fold; going from €21,146 to €114,735.
A recent survey by popular Irish wedding website, weddingsonline.ie found that the average total budget on an Irish wedding last year, including honeymoon, increased by 6% to €22,531.
Latest CSO figures show that there was a 6.6% increase — to €22,045 — in the number of weddings held in Ireland, in 2014. It was the third year running to show an increase and the highest number of ceremonies since 2008.
Weddings by Franc is owned on a 50/50 basis between Mr Kelly and his wife Eadaoin Morrish and the two are directors in the firm.
Numbers employed by the company increased from six to seven in 2015 with staff costs increasing by 21% from €155,312 to €188,585.
The joint pay to Franc and Ms Morrish increased marginally from €106,350 to €106,816. That was made up of pay of €89,927 and pension payments of €16,889.
The company works with an in-house team for Irish events and a large international team that come together for Mr Kelly’s large scale weddings and events.
Mr Kelly has worked in the hospitality event for over 20 years.
Educated at Clonakilty Community College and Cork Institute of Technology (CIT), he started his career in the catering business having worked as a chef in the boutique Relais Chateau Hotels business and huge international chains such as Hyatt Regency in the West Indies.
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