The decision by the publishing wing of the Irish Church to close three retail outlets by the end of next month is a strategic move coming against the background of a positive year, the company’s director has said.
Speaking to The Irish Catholic, Veritas Director Aidan Chester said the decision to close the shops in Sligo, Monaghan and Naas was “a purely strategic decision”.
Describing the last year as “another very, very positive year for Veritas”, in which online trade has increased by 52%, Mr Chester said that the three shops being closed are small ones in areas where business is not high.
“We’re investing in our online business which has seen huge growth this year,” he reiterated, adding “the rest of the business has been very, very positive as well”.
The decision comes against the background of Veritas returning to profitability in 2016 after several years of serious losses and an inability to pay long-term debts without the support of the Bishops’ Conference. Although 2016’s profit of just €15,801 was tiny when compared to that year’s more than €6 million turnover, it nonetheless marked a serious improvement in the company’s fortunes.
The Companies Registration Office (CRO) had not released Veritas’ 2017 accounts at the time of going to press, but Veritas assured the The Irish Catholic that the accounts have been suitably filed with the CRO.