Online retail firm WorldStores has revealed a further funding round of £6m as the group continues to expand, while revenue surpassed sales of more than £70m.
The group made the announcement of the cash injection within its latest published annual accounts for the 12 months ended 31 January 2015, with the funding round sourced from existing shareholders.
This adds to the previous £25m funding round last year; with the group completing the acquisition of children’s furniture brand Kiddicare.com.
During the period under review, Worldstores completed a further acquisition, the Achica Group, as well as its ‘Fleet Project’ initiative – a two-man in-house delivery strategy, which has seen the group expand rapidly.
Total sales rocketed by 30% to £76.1m from £58.6m in 2014, with gross profit registering an uptick of 41.9% to £23.7m from £16.7m last year. The company indicated that significant investment in both marketing and its IT platform contributed to the positive performance.
Despite the incurred loss of £6m for the year, the company has projected key areas, which will improve position, including better credit terms with suppliers – with two already completed, as well as an injection of capital from shareholders.
During the period, Worldstores also completed a £10m extension to its existing loan facilities with Harbert European Specialty Lending Company, while, in April 2016, relocated to a new Central London headquarters from its Twickenham base, with the lease agreed for 10 years.