I am 33 years in this business, so I have seen many ups and downs, many recessions and many good times. I am the second largest employer in Cootehill, with 70 people working with me and Cootehill has a population of approximately 1,500. I am happy to make a reasonable standard of living. I am quite happy to show my figures to anyone who wishes to look at them. My net margin in my business is between 1.2% and 2%, depending on the competition, depending on the time of the year. My turnover last year was approximately €6 million, net of VAT and my income for working seven days a week, is approximately between €70,000 and €100,000 a year. We are open 15 hours a day, 364 days of the year.
I have invested more than €4 million in my store over the past five or six years to grow my business into a world class business. My turnover over the past nine years has grown in Cootehill from €1 million to €6 million. I am proud of this. However, the most important people are my customers and I have worked very hard to build relationships with them. I am doing everything possible to hold on to my customers. I do not want to lose them because my family and I have made a huge investment in my people and in my business. If I could purchase my products 15% cheaper from suppliers I would give the commitment to pass on that 15% to my customers but I cannot do that at present.
I worked for Senator Feargal Quinn for 20 years. Our wage costs were 5% and today my wage costs are at 11%. There is a 6% differential in those years. Our running costs are higher than in the UK. The UK wage average in the supermarkets is approximately 6%. Our other costs are all exceptionally higher because of this. Our cost base is higher. I would question the Forfás report and how it came about the information on the cost base.
I have a question for the committee. All retail and service industries are suffering at this time in business and not just the supermarket business. This includes the shoe business, the jewellery business and the car business. Does the committee think they all want to charge more to their customers? If I can get better deals for my customers — and the same applies to the other businesses — both they and I will pass it on.
I listened to the previous speakers such as Cormac Tobin. Our cost base has become extremely high and I agree some of our suppliers have become greedier because their cost base has gone up. I am not here to name and shame anybody. I work as a consultant to various companies. Lily O'Brien's chocolate company is one example. When I started off giving advice to that company in 1992, to get a product into the supply chain the acceptable margin was approximately 45%, between distributor and retailer. I recently gave advice to a company looking to list a product with a multiple and the margin has gone up to 65% to 70%. We need to start looking at the supply chain.
It is very easy for politicians or people to criticise the retailer. I speak from my heart as to how it is for a retailer. I am quite happy to open my books. I do not drive a top of the range Mercedes. I have five children and I am proud I am able to provide a standard of living that is slightly better than when I started off in 1975 pushing trolleys around the shopping centre in Northside for Feargal Quinn. I am quite happy to make sure that my customers are given a standard of service in Cootehill that is equal to what Feargal Quinn gave and I am proud of that. I invite the committee members to ask questions of us as retailers.