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!
Long established and highly profitable on-line retailer of premium quality rattan/wicker home furniture/storage products. Established as one of the country's leading suppliers of a large range of rattan products for the modern home. The products are...
RELOCATABLE
The company specialises in domestic and industrial garden machinery, cleaning equipment, spares and parts. Products include, pressure washers, vacuum cleaners, hedge trimmers, strimmers and heaters.
LEASEHOLD
A market-leading retailer of a diverse range of DIY products for clients throughout the UK. Functions as a one-stop shop for all of its clients’ requirements, providing complete solutions.
FREEHOLD
25
|
Feb
|
Fairstone secures further backing from PE firm TA Associates | BUSINESS NEWS
Acquisitive wealth management firm Fairstone Financial Manag...
24
|
Feb
|
Nestlé acquires recipe kit firm SimplyCook | BUSINESS SALE
Nestlé has strengthened its position in the e-commerc...
23
|
Feb
|
Lockdown exit: What does the road map look like for UK businesses? | BUSINESS NEWS
After a winter spent almost entirely in lockdown, the govern...
Sign up to receive our acquisition alert emails to get your FREE guide
09
|
Dec
|
Administrators seek buyer for garden machinery firm | ADMINISTRATION
Shropshire-based garden machinery company Oakley’s has...
19
|
Oct
|
Ford tuner Mountune saved in acquisition by founder | BUSINESS SALE
Essex-based Mountune, a firm specialising in tuning packages...
30
|
Sep
|
Cookware supplier agrees sale and leaseback of HQ | COMMERCIAL PROPERTY
Dining and kitchenware supplier ProCook has agreed a £...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources