Stock Watch, which provides a bar stocktaking service, is planning to open 22 franchises in Ireland by the end of 2013.

The company was founded by Sean and Kate Murphy, who used their 35 years of experience in the hospitality industry to create an advanced custom built stocktaking service that reduces theft and improves profitability for clients.

Kate Murphy said: “Studies have shown that the hospitality industry suffers from a ‘shrinkage’ problem far exceeding any other sector. Beverage audits of bars, restaurants, hotels and clubs have revealed that these losses range from 15 to 35 per cent with the average loss being almost 20 per cent.”

In April Stock Watch was a finalist in the 2012 Best Emerging Franchise Awards in Dublin, which were sponsored by Ulster Bank. Sean Murphy said: “We were delighted to have been selected as a finalist in the 2012 Franchise Awards. We see that the franchising sector contributes €2.4 billion to the Irish economy and the franchise package that we have created at Stock Watch will create successful full-time employment for the economy. We have already recruited our first franchise owner Geraldine McCormack for the County Galway territory and she is up and running successfully as we speak.”

Stock Watch is currently taking applications from franchise owner candidates across Ireland.