Mon, 21 Aug 2017 | BUSINESS SALE
A home entertainment, garden and leisure distribution company based in Lancashire has slipped into the red despite an almost 10 per cent rise in profits.
Preston's MBL Group recently posted post-tax losses of £158,000 for the year ending 31 March 2017, compared to profits of £75,000 a year earlier. The reversal in fortunes was blamed on exceptional costs during the period which amounted to around £693,000 despite both trading divisions achieving profitability.
In 2016/17, revenues increased by 8 per cent to £16m, but a strategic review toward the end of 2016 concluded that it may be in the best interests of the company for a third party to develop their trading businesses and take them forward.
Consequently, the MBL board has begun conducting a formal sales process regarding each of the company's trading businesses.
Tim Jackson-Smith, chairman of MBL, said: "The financial year ending 31 March 2017 saw the group undergoing many changes including the completion of a strategic review and the commencement of a formal sales process.
"However, despite the many challenges and distractions that these changes presented I am pleased to say that both trading divisions performed well and were each profitable and cash generative. There were a number of one-off exceptional costs that the group incurred in connection with the above changes that resulted in a loss at group level.
"On behalf of the board, I would like to thank everyone across the group for their hard work and dedication."
Subscribe to Business Sale Report here.
Market-leading classic car restoration business, globally recognised for its premium vehicle restoration and reimagining of iconic Mercedes-Benz classics, including pioneering electric vehicle (EV) conversions.
An opportunity has arisen to acquire a reputable IT support and development services provider with a UK-wide client base and a proven record for innovation and resilience in the constantly evolving IT sector. Throughout its 25+ year trading history,...
The business is a specialist Land Rover spares, repairs, and servicing garage located in Shrewsbury.
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.