Thu, 21 Jan 2021 | BUSINESS NEWS
Kitchenware retailer ProCook is to undertake a strategic review after registering its most successful trading period to date, with options including seeking an investment partner or a sale of the business. The company is keen on pursuing growth by expanding its retail portfolio and targeting EU markets.
The company’s sales in the three months to January 3 2021 grew 40 per cent year-on-year and it is projecting turnover of £50 million for this year, with profits forecast to exceed £10 million.
Despite most stores being closed in November and December, the business registered total sales of £21 million in the run up to Christmas and over the festive period. While there was an expected 21 per cent drop in in-store sales, the company also reported 132 per cent like-for-like growth in online sales over the period, driven by an expanded range and increased consumer demand.
Owner Daniel O’Neill commented: “We’ve always known that our multichannel strategy was the right one and the acceleration online and to mobile this peak period has proved the point. The highlight for peak and indeed the whole of 2020 has been in ecommerce which has seen sales more than double on last year.”
“We’ve also seen a big move to shopping on mobile in the past 12 months and have invested heavily to ensure we are offering customers the very best experience across all platforms. Although many of our retail stores were closed during lockdown we saw some incredibly strong performances when stores were open.”
“We remain committed to our multichannel strategy and our store growth strategy for 2021 includes upsizing some of our existing units to develop the in-store experience as well as testing a new concept with a cookery school.”
O’Neill added: “With the support from KPMG Corporate Finance, the shareholders and senior management team, we will be undertaking a strategic review to enable us to prioritise our many opportunities.”
Find businesses for sale here.
If you are looking for an exit, we can help!
Bring to the market this leasehold specialist car sales and servicing facility located in Horncastle, Lincolnshire. The trade was established as a limited company in 2005.
LEASEHOLD
Bringing to the market this denim and casual wear retailer, boating a user friendly comprehensive online presence.
Located in the southern end of Weston Park Road in the heart of the popular and sought after residential area of Peverell in Plymouth. It is a busy arterial route which leads onto Mutley Plain and thereafter off the city centre of Plymouth and, as s...
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.