Furniture retailer delivers sales of almost £20m

Furnishings retailer Oak Furnishings Superstore has reported gross sales of just about £20m in its first monetary yr of buying and selling.

In accordance with its newest filed accounts for the yr ended 31 January 2024, whole gross sales resulted at £18.2m. Pre-tax losses amounted to £5.9m for the interval.

Said inside its report, Moreham Wooden Restricted (MWL) – buying and selling as Oak Furnishings Superstore, mentioned: “MWL was registered as a brand new firm in January 2023. It acquired the commerce and belongings of Mark Harris Furnishings Restricted (MHF) in February 2023 and was subsequently bought by Quercy Restricted. Mark Harris had been positioned into administration in early 2023 resulting from legacy contingent liabilities that turned recognized to shareholders.

“A brand new administration staff was introduced in to rebuild MWL for a sustainable future, securing new financial institution and shareholder financing while defending different key stakeholder relationships integral to the continuing success of the Group.

“OFS was based primarily based on the assumption that lovely, top quality and sturdy furnishings may be equipped direct to the top shopper at an inexpensive value level, maximising market attain. That is achieved by working as an ‘on-line first’ enterprise, utilising a lean; outsourced working mannequin working solely with the very best high quality companions and offering the very best degree of customer support.

“Given the unavoidable enterprise interruption skilled within the months following the administration course of together with misplaced gross sales time and a severely restricted provide chain, the Administrators are glad that delivered gross sales of £18.3m in MWL’s first monetary yr was according to expectations.

“The working lack of £5.8m was additionally according to expectations though the Administrators are assured that this isn’t a real reflection of the underlying enterprise as mirrored within the evaluation beneath highlighting the numerous worth of remarkable prices incurred early within the yr to January 2024. Money and Money equivalents of £0.72m on the year-end was according to monetary projections.

Additional to this, MWL invested considerably by the yr together with spend on a resourced product portfolio, constructing a high-quality organisational construction and streamlining inner processes and gross sales channels.”