Whittard of Chelsea has returned to profitability as shoppers began returning to British high streets.
The tea and coffee retailer saw turnover grow 8% to £45.6m in 2023, according to newly filed accounts at Companies House. This helped turn around operating profits to £2.1m from a £43k loss the year before.
Whittard’s UK sales make up most of its business and rose 13% last year to £39.4m. “Notable drivers were because of domestic customers returning to pre-pandemic shopping behaviours and the return of tourism,” the accounts said.
The business struggled abroad, however, with European sales down 26% and the rest of the world down 13%. It is currently focusing on Asia, the Middle East, and the US.
Its main challenge came from disruption in the EU where “rule changes and red tape” affected the supply of its products.
It noted certain highlights in the international business, including sales growth of 89% in South Korea, a first airline contract with Saudia Airlines, and new wholesale partnerships in the US.
CEO Nathan Smith said: “Whittard’s future is full of potential. We are committed to building on our strong UK presence and expanding globally in markets where we see great opportunity.
“With new store concepts, a loyal customer base, and a strong leadership team, we are excited to continue our growth journey and share the Whittard experience with more customers around the world.”
Whittard floated on AIM in 1996 but went bankrupt in 2008 and was taken over by private equity firm Epic Investment Partners.
No comments yet