Flying Tiger halts UK expansion as profits plummet

THE rapid growth of retail chain Flying Tiger Copenhagen has come to an end with the company halting UK store openings amid a sharp fall in profits.

The Danish company had expanded quickly in Britain since launching here in 2005 and currently has 47 stores nationwide.

It sells homeware, toys, party items, gadgets and cookware with distinctive colourful Scandinavian designs.

However, accounts just filed for the company show sales dipped slightly for the year ending December 31, 2018 – from £48.1 million to £47.3 million – while profits slumped by a substantial 74 per cent.

The fall – from £2.9 million to £748,000 – was blamed on a jump in expenses and interest payments.

Peter Casey, managing director of Tiger Retail Ltd, told The Mail on Sunday: ‘We generated a profit in 2018 – albeit not at a level which was satisfactory.’

Casey said the tough retail climate has led its owners to decide to concentrate on boosting profits in existing stores.

He added: ‘The UK retail sector is experiencing challenging times with consumer spending pressures, increasing costs – especially rent and payroll – and significant numbers of store closures. Tiger Retail has not been immune to this.’

Casey said he was ‘very positive’ about the future for the company in Britain.

He pointed out that customer numbers and sales in existing stores were both up on last year.

Current big sellers for Flying Tiger are its recycled kitchen glassware and bamboo products, while umbrellas and fans have both been popular during the changeable summer.

Flying Tiger was launched in the UK by entrepreneurs Philip and Emma Bier who sold their half share back to its Danish parent in 2017.