Profits at Smyths Toys surged by over €35m last year thanks to the firm purchasing the Toy R Us business.

According to the Sunday Times, the sharp rise in profits is due to the firm’s purchase of 93 Toys R Us stores across Europe last year.

Smyths Toys paid €61m for the bankrupt business which contributed €339m in sales and €13.7m in profits within just 7 months.

It generated revenue of €1.2bn last year – with profits significantly rising by some €35m.

Smyths Toys was founded in 1986 by brothers Tony, Padraig, Liam and Thomas Smyth in a grocery shop in Claremorris in Co. Mayo.

The firm now controls over 110 stores across Ireland, the UK and Europe.

Smyths recorded a considerable rise of 22 percent in profits in the UK last year totalling €14.5m.

Profit growth in Ireland was slower at 6 percent, representing pre-tax profits of €5.7m last year.

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