BoConcept franchise Concept Living Holdings Limited has posted a rise in turnover, as well as seeing profits jump to over £500,000 – further increasing its share of the high-end furniture market.
According to its latest filed accounts for the year ended 31 October 2015, total sales rose by 18% to £10.9m from £9.2m in 2014. Gross profit also experienced an uptick of 27.4% to £5.1m from £4m, whilst operating profit grew by 112.3% to £758,662 from £357,992.
The group posted an overall profit of £598,208 for the year, up by 245.6% from its recorded profit of £173,868 in 2014. The company said that the performance was ‘solid’ despite continued ‘challenging’ conditions in the UK.
Adding to the group’s performance was the completed acquisition of the 100% issued share capital of Tottenham Court Road Ltd, which contributed £879,026 in revenue, generating a pre-tax profit of £145,436 for the period from 1 August to 31 October 2015.
On 31 July 2015, Concept Living Ltd officially took control over Tottenham Court Road Ltd for a total cash consideration of £533,444, including acquisition costs of £46,223. The amount of goodwill recorded on the take over was £546,223.
The deal saw Concept Living Holdings become the franchisee for all six of BoConcept’s London stores – adding to its other location in Guildford.
Danish furniture brand BoConcept, which has over 250 outlets in 60 countries, confirmed earlier this year that two of its franchises – Tonnik Limited and Bethany Retail Ltd – entered administration, which saw two of its stores close.
Both outlets in Bournemouth and Bristol closed under the Bethany Retail franchise, whilst BoConcept confirmed that it continues to trade at its Manchester site, which was under the Tonnik franchise.