Family-owned bed retailer Sussex Beds is celebrating its recent National Bed Retailer of the Year Award after securing the future of the business following a dramatic turnaround.
The Hastings-based business, which was founded in 1981 by John & Sandra Pickering, trades from seven stores across Sussex and has delivered ‘record’ profit since its transformation in 2014.
According to its latest filed accounts for the period from 12 September 2014 to 31 October 2015, total sales grew by 10% to more than £3.5m, with gross profit up by 26% to £2.1m.
The business indicated that its margin had increased by over 14%, due to all products constantly achieving targets, whilst also reporting that in store conversions were up by 6%.
Overall pre-tax profit resulted in a record £385,393, ending years of ‘poor trading and mounting losses’ following the financial crash of 2008.
The directors took drastic measures in transforming the company’s fortunes, combining restructuring with new branding and the introduction of management systems, which has pay dividends in the turnaround effort.
To mark its determination in rebuilding a business back to profit after suffering falling sales and footfall, Sussex Beds were awarded the National Bed Retailer of the Year (under £5m beds turnover) accolade at the NBF Bed Show 2016/17 awards ceremony on 20 September 2016.
Commenting on the milestone, Steve Pickering, managing director, said: “I am so proud to receive recognition with this prestigious industry award on behalf of all the Sussex Beds team.
“Only two years ago the company was in serious danger of disappearing from the high street forever and here we are secure and actively planning our expansion, none of this would have been possible without the tireless efforts and support of all the team”