In 2015, I sat down with Chris Martin, a cricket-loving Englishman who had been appointed chief executive of the Musgrave Group a decade earlier.

The Cork retail giant had just released its results for the previous financial year, and Martin, a former chief executive of Mothercare in the UK, was in explanatory mood. The retail behemoth, best known in Ireland for its SuperValu and Centra franchises, had traditionally been a profit machine, coughing up enough cash to fund growth, acquisitions and healthy dividends for the 80-odd members of the Musgrave family that owned the majority of the company’s shares.

In 2014, however, it was nursing losses of around €10.4 million in Ireland, after taking a massive hit on a disastrous buying spree in the UK. Over sparkling water, Martin explained that the Cork company had taken the decision to offload much of its UK operations, a decision that had crystallised significant losses. 

“It was a difficult decision, but it was the right decision,” he said of the move to sell its UK Londis and Budgens operations to Booker, the US retail group, for €57 million.

An analysis of company accounts at the time showed that the UK expansion had resulted in losses of around €160 million, possibly more.

It would have been enough to decimate most businesses. But the Musgrave Group is not most businesses.

When Martin announced his intention to retire in 2019, he was in a happy position to disclose that the group had made a pre-tax profit of €94.5 million for the previous year on revenues of €3.9 billion.

It was a remarkable turnaround, but for those who had followed the company, it was not surprising. The company had the capacity to absorb the losses through prudent cash management during the good times and long-term strategic planning. The write-down was a hit for sure, but it was not insurmountable. 

The group knuckled down, kept investing in its brands and operations, and made opportunistic acquisitions when they arose, such as its 2019 purchase of the upmarket Donnybrook Fair chain.

It was at it again in recent days, agreeing a deal to snap up Express Check-Out (Trim) Unlimited Company, a business that operates four SuperValu supermarkets. The deal remains subject to regulatory approval from the state’s competition watchdog.

I bring up the company’s ill-fated foray into the UK not to rake over old scars, but to show how even the strongest businesses can suffer serious setbacks and emerge stronger. It is a reminder that even the best businesses encounter adversity; what sets them apart is their ability to learn from it, adapt and keep moving forward.

In Ireland, we have good reason to celebrate our success in attracting multinationals and nurturing indigenous start-ups. But sometimes, we overlook the businesses that are right under our noses, companies that have become such a familiar part of everyday life that we take them for granted.

Musgrave is one of those businesses. Between its wholesale operation, its own stores and the retailers operating under its franchises, the Cork-based group supports 44,000 jobs across its businesses and brands. Its scale and significance are easy to underestimate precisely because it is so embedded in the fabric of Irish life.

This year, it celebrates its 150th birthday, a full century and a half since Thomas and Stuart Musgrave first opened their first store. At different points over the years, the family business has dabbled in other areas. At one point it owned the Metropole Hotel in Cork,  as well as a laundry, a sweet and confectionery business, alongside a range of other trading activities.

By the 1970s, it went all in on retail. It proved a wise decision.

Its most recent accounts, for the 2025 financial year, showed pre-tax profits of €133 million, down just €1.5 million from the previous year as the company sought to maintain its market share in a highly competitive and challenging retail environment – not to mention a cost-of-living crisis. 

Revenues increased from €5.2 billion to €5.5 billion. This is the money that the overall group took in.

This paints only part of the picture of the operation. When you combine the sales of its franchisees, the numbers are larger still.

Turnover across the 257 SuperValu supermarkets across the island reached €3.6 billion, while sales across the Centra network (621 stores and counting) hit €2.6 billion. Daybreak stores had total revenues of €300 million, while its Dialprix business in Spain had combined revenues of €200 million.

The success has allowed the company to continue to pay handsome dividends – €22.5 million in 2024 and €24.1 million last year. 

But it has also allowed it to keep investing.  The group’s capital spending was close to €142 million last year. This included new store openings and revamps of existing outlets.

Musgrave invested €40.2 million across its retail division, information technology systems and supply chains last year.

This pushed down its pre-tax profits to €92.7 million in 2025, from €134.5 million for the previous year, but the way the company sees it, it is future-proofing the operation for the next generation of the family.

In a note in the company’s financial statements, group CEO Noel Keeley said the results had been achieved in a demanding year for retail.

Reading through his detailed statement, three things struck me.

One, Musgrave has sought to protect its core – maintaining its relationships with independent retailers across the island and with local suppliers.

Secondly, it has kept renewing the business by investing in stores, technology, supply chain sustainability (through a new €25 million fund) and operational efficiency. Finally, it is building for the next generation and renewing its leadership. 

Keeley, who has spent 22 years with the group and has been chief executive since 2019, is due to step down later this year. His successor, Niall Anderton, joined in May as incoming chief executive. He previously worked at Alimentation Couche-Tard, the global convenience retailer behind the Circle K brand.

Nicky Hartery is stepping down as chairman after a decade in the role and 16 years on the board. Róisín Brennan, who has served as a director for 10 years, is to succeed him as interim chairwoman.

For much of its 150 years, the business was led by a member of the Musgrave family. But the family realised the virtue of outside expertise at an early stage and has continued to seek out and attract talent. Its CFO, Andrew Keating, is a former CFO at Bank of Ireland. 

Members of the Musgrave family remain on the board and are actively involved in strategy. But while the business remains family-owned, it has long recognised the value of professional management and outside expertise.

That may be one of the secrets of its longevity: knowing what to hold on to, and when to change.

Elsewhere last week…

Alan met with Vincent Browne, widely regarded as one of Ireland’s finest journalists, for an outstanding two-part interview that charts the altar boy from Broadford’s upbringing, through his fascinating career, and his evolving relationship with former Taoiseach Charles Haughey, now the subject of his latest book. You can read part one here and part two here.

Ireland’s €170 billion savings market has bcome the next big target for German fintech Raisin Bank. In a wide-ranging interview, Alice met with the fintech’s Ireland head Eoghan O’Hara to discuss the firm’s plan for the country and how it plans to capitalise on deposit rates while “democratising” the EU savings market.

Jonathan went in-depth on a legal skirmish that Irish fintech Wayflyer was pulled into in the US. The e-commerce financing company has settled a lawsuit taken by US firm Neuberger Berman after one of its debtors went bust, kicking off a dispute over the balance of loans in default.

Photographer and entrepreneur Jerry Kennelly headed to Paris to quell the Autumn blues. But his photographs capture scenes from the ground that made him feel as though the City of Light was more like a war zone.

US wealth manager Silvercrest, which has $25 billion in assets under management, has started to push into Europe. Tom sat down with Richard Hough, the firm’s chairman and chief executive officer, to discuss his plans for Europe and Ireland.