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Avoca profits soar 70% as sale nears

Irish family-owned fashion and lifestyle business Avoca has reported record sales of €59m (£43.5m) and a 70% increase in profits to €2.2m (£1.6m) for the year to January 31, as the business readies a sale to US firm Aramark.

Sales rose €1m (£730,000) during the year while net profits rose from €1.3m (£960,000) the previous year.

The group is in exclusive talks with contract catering and building services company Aramark to sell the business, according to The Irish Times. The talks are believed to be at an advanced stage. The potential sale price is not yet known, but is likely to top €50m (£37m) if the properties are included.

Avoca, owns 11 shops and cafes in Ireland and is owned by the family of former solicitor Donald Pratt, who founded the group as a textiles operation in the 1970s.

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