Tayto Snacks is to end its title sponsorship of Tayto Park at the end of 2022.

The family fun-park near Ashbourne in Co.Meath was developed by Ray Coyle when the entrepreneur also owned the Tayto crisps business.

Coyle sold his interest in the snacks venture a number of years ago.

According to Coyle: “I am delighted to have aligned with one of the most iconic Irish brands, so successfully, for over a decade.

“Our partnership with Tayto Snacks has helped to create one of Ireland’s most popular tourist attractions in little over 12 years. 

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“We have decided that in order to expand and meet our ambitious targets for the park, now is the opportune time to rename the park to better reflect the exciting rides, attractions and zoo that are coming over the next few years. 

“We now look forward to a new and exciting chapter for the park, with many new developments planned, including an investment of €30m over the next two years.

“On behalf of myself and my team I would like to thank the management of Tayto Snacks for its belief in our vision.”

John O’Connor, managing director of Tayto Snacks, stated: “Our sponsorship of Tayto Park has helped us to further enhance the emotional connection Tayto has with Irish consumers by reinforcing the brand’s values around family and community.

Tayto Park trade was severely impacted by Covid lockdowns, with turnover at operating company Ashbourne Visitor Centre Ltd falling by half in 2020 to €9.3m. 

The company responded by reducing average staffing from 263 people to 143. 

Cashflow from operating activities through 2020 held steady at €5m, and year-end cash improved from €3.3m to €6.7m.

The company had net worth in December 2020 of €18.8m, with tangible assets in the books at €38.4m. Total liabilities amounted to €27.5m, including €8m in loans.