Bedroom furniture specialist Sharps has reported a growth in revenue as it downsized its showroom portfolio and refinanced its loan facility.
Stated within Sharps’ latest accounts for the period from 29 September 2014 to 27 September 2015, total sales rose by 6% to £75.6m, while pre-tax profit grew by 27% to £2.8m year-on-year.
During the period under review Sharps closed 17 showrooms, as well as opening 10, bringing its total number of sites to 113, reduced from its 120 last year. The closures were a combination of concessions and leased outlets that were seen as ‘lower performing’ stores.
Sharps took the decision to refinance its loan agreement with Proventus Capital Management AB, with its original £15m loan facility repaid and replace by a £19m loan facility to both the company and its parent, Sharps Bilston Limited.
The new loan is split £4.7m and £14.3m respectively in accordance with the revised facility agreement.
Attached within the strategic report, Sharps said: “Increased turnover was driven by a combination of increased media spend and new showroom openings, with further sites planned during 2015/16.
“The company continues to maintain a healthy order book and the director remains confident of continued success.”