After enjoying its most successful trading period to date, Gloucestershire kitchenware retailer ProCook is eyeing more growth – seeking partners to invest in its vision.
Off the back of its most successful peak trading period to date, ProCook is eyeing up opportunities for expansion both in Europe and the UK, with owner Daniel O’Neill seeking investment partners.
The Gloucester-headquartered kitchenware retailer saw a 40 per cent growth in sales for the 12 weeks to 3 January 2021, compared to the same period last year, and is now exploring growth opportunities in EU markets and expanding its retail portfolio.
With an expected annual turnover of over £50m, profits are set to top £10m this financial year.
Despite most stores being closed for the November and December 2020 lockdowns, total company sales reached £21m in the run up to and including Christmas.
Daniel O’Neill, founder of ProCook, said: ‘We’ve always known that our multi-channel strategy was the right one and the acceleration online and to mobile this peak period has proved the point.
‘The highlight for peak and indeed the whole of 2020 has been in e-commerce which has seen sales more than double on last year.’
Growth in like-for-like sales online for the period was 132 per cent, partially offset by an expected drop of 21 per cent in retail sales due to lockdown restrictions.
‘We remain committed to our multi-channel strategy, and our store growth strategy for 2021 includes upsizing some of our existing units to develop the in-store experience, as well as testing a new concept with a cookery school,’ said Mr O’Neill.
By Andrew Merrell
Wednesday 20 January 2021
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