18 May 2024, 20:22
By Furniture News Jan 02, 2020

Furniture continues to perform well for Leekes

Leekes Retail and Leisure Group, which comprises Leekes home department stores, Park Furnishers Bristol (acquired in 2016), the Vale Resort at Hensol as well as a property development company, has reported another year of strong results.

The group achieved turnover of £80m in the year to 31st March 2019, which resulted in an EBITDA of £5m and strong pre-tax profits, up £1.6m YoY, with both the retail and leisure divisions posting significantly improved profits.

Emma Leeke, MD of Leekes Retail, says: “We are very pleased to report a great set of results in what has continued to be a challenging retail environment. Our retail profits are up substantially as a result of continued profits from our furniture category as well as significant improvements in our conservatory, window and door division and fitted kitchen and bathroom departments in the year."

The group boasts a considerable net asset base of nearly £70m, and recently refinanced its debt with banks Barclays and Lloyds on favourable terms. Group finance director, Mike Fowler, comments:, “We are immensely grateful for the ongoing assistance of our two banks. With their support, and our policy of continuing to recycle and reinvest our profits investing in capital expenditure projects aimed at providing new revenue streams to further strengthen the business, we have been able to continue to invest in developing our business. Most recently we have been preparing the next stage of our expansion plans including the launch of a joint venture business, Hensol Castle Distillery, which will encompass gin and other spirits distilling, a visitors’ experience and state-of-the-art bottling plant, all located in the historic building. The second phase of the development of Hensol Castle will also be underway imminently, which sees the addition of 28 bedrooms as well as an 80-cover restaurant, due to open over the next two years.”

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