Profits on rise at Wren Living owner after heavy investment
PROFITS AT the owner of online electrical retailer Ebuyer and kitchen manufacturer Wren Living rose by 54 per cent last year, boosted by the performance of its kitchen brand.
West Retail Group, owned by Sheffield millionaire Malcolm Healey, posted pre-tax profits of £12m in 2016, up from £7.8m the previous year, on revenues of £524.4m, which rose 17.5 per cent from £446.2m in 2015.
The growth was mostly down to its Wren Living brand, which was launched seven years ago and now has revenues of more than £330m.
In accounts filed at Companies House, the Howden-based group said it invested heavily in the Wren business, converting a 180-acre warehouse and logistics facility in Barton-Upon Humber into a third manufacturing centre. It was the group’s largest single investment in its history. It also opened new showrooms.
Meanwhile, revenues at Ebuyer dipped to £188.6m, from £188.7m, while pre-tax profits rose to £1.3m.
The directors’ report said the electronics sector remained “exceptionally competitive”.
Speaking to yesterday, Mark Pullan, managing director of West Retail Group, said: “Retailing is a very hard business to be in, and the results are a credit to the hard work and dedication of the team.”
The group employs over 4,000 people across the UK, of which 2,600 are based in Yorkshire.