Shane Crilly, founder of Base Wood Fired Pizza, has resigned from his directorial roles within the company, according to recent filings with the Companies Registration Office (CRO). This development follows the company’s announcement of a €1.3 million profit for the last financial year, a significant turnaround aided by outside investment.
Crilly, a lawyer-turned-entrepreneur, established the artisanal pizza chain in 2007. The business faced numerous challenges, including the financial crash shortly after its inception and the COVID-19 pandemic. Despite these hurdles, Base Pizza has emerged profitable, largely due to the investment from Loyola Ireland Management Holdings Limited, which acquired an 80% stake in the company in late 2022. Crilly retains a 20% share.
Loyola Ireland Management Holdings Limited is led by Stephen Cooney and Brian O’Malley, who have interests in various Dublin-based businesses, including The Bath and Old Spot pubs.
In 2022, the company underwent restructuring, appointing Clyde Jamison, a former country manager for Domino’s in Ireland, as the new CEO. The restructuring efforts have paid off, with the company’s well-established outlets in Dublin’s Ballsbridge and Terenure contributing significantly to the group’s success. These two locations alone generated €2 million in combined dividends last year.
Detailed accounts reveal that the Ballsbridge branch contributed €1.2 million in dividends, while the Terenure outlet added to this total. Other branches, such as those in Glenageary and Stillorgan, provided dividends of €200,000 and €100,000 respectively. The company also operates in Lucan, Killester, Stillorgan, and Greystones.
Base Control Management, the central entity overseeing these operations, employed 85 staff last year, with payroll costs amounting to €2.89 million. The latest financial statements for Base Control Management highlight a remarkable shift from a loss of €350,000 in 2022 to a profit of €1.3 million in 2023. This financial recovery has transformed the group’s retained earnings from a deficit to a surplus by the end of the year.
Crilly’s departure from his directorial positions marks a significant transition for Base Wood Fired Pizza, as it continues to grow and establish itself as a profitable player in the high-end takeaway market.