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.”
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