ProCook looks for investment to build on sales growth
By Rob Freeman | 20th January 2021
ProCook owner Daniel O'Neill is seeking investment partners to drive expansion after the kitchenware retailer recorded a huge growth in sales.
The Gloucester firm, which celebrated its 25th anniversary last year, saw sales rise 40 per cent for the 12 weeks to January 3 compared to the year before, despite most shops being forced to shut during coronavirus lockdowns.
And with annual turnover expected to top £50million and profits exceed £10million for the financial year, Mr O'Neill is exploring growth opportunities in EU markets and an expansion of the company's retail portfolio.
He said: "We've always known that our multi-channel strategy was the right one and the acceleration online and to mobile this peak period has proved the point.
"The highlight for peak period and the whole of 2020 has been in e-commerce, 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."
Total company sales reached £21million over the Christmas period with a 132 per cent growth in like-for-like sales online offsetting an expected drop of 21 per cent in retail sales due to lockdown restrictions.
Sales were driven by increased consumer demand for kitchenware together with significant growth in the newly expanded tableware category.
"Although many of our retail stores were closed during lockdown we saw some incredibly strong performances when stores were open," said Mr O'Neill.
"We remain committed to our multi-channel 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.
"We control our products, our brand and the relationship with our customers, and as a truly multi-channel business we're looking forward to the next chapter."
He continued: "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.
"ProCook has come of age during the last 12 months. What's going to be particularly exciting is we'll shortly have the opportunity to see our e-commerce business grow alongside our successful store footprint as retail once again reopens."
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