Independent retailer Park Furnishers Bristol has reported a double-digit bottom line growth ahead of its acquisition by Leekes Limited.
According to its latest figures for the year ended 31 January 2016, turnover jumped 5% to £8.8m from £8.4m in 2015, whilst gross profit also experienced an increase of 2.9% to £3.5m on last year.
Pre-tax profit for the year grew to £314,260, an uptick of 41% on 2015’s £222,506 recorded results.
During the year, Parks Furnishers was acquired by Leekes Limited on 29 April 2016, with all company assets and trading transferred to its new owner on 31 May 2016.
Last month, Leekes revealed a strong year with sales up by 10% to £78m, which resulted in an increase in EBITDA of almost 60% to £6m and a growth in pre-tax profits to £3.1m.
So far this year, the acquisition of Park Furnishers has delivered a positive effect on Leekes results, with managing director of retail, Emma Leeke stating: “It is encouraging to see that growth extending to the current financial year with sales up 25% and profits up 65%.
“The acquisition of Park Furnishers Bristol has particularly had a very positive effect on our results while the continued expansion of the retail business has resulted in us recently carrying out a considerable extension to our warehousing facilities in Mwyndy, Pontyclun with the assistance of a grant from the Welsh Government.”