THE north’s biggest independent tyre company Modern Tyres has reported a 71 per cent surge in revenue to £38.3 million for 2018.
However a new company report showed that a considerable increase in outgoings held the firm’s pre-tax profits to £2.2m for the 12 months to December 31 2018.
Set up by Dublin-native Jimmy Byrne in Co Fermanagh in 1965, Modern Tyres is now run by his four sons. The group has continued to expand in recent years, largely through acquisitions. It now has around 40 outlets across the island of Ireland.
The recent expansion saw its workforce increase from 142 in 2017 to 238 last year. It resulted in the group’s bill for staff costs doubling to around £6.7m.
The company currently has plans in place for a new £5m factory in Newry.
