Oak Furniture Land has announced record sales of £85m, more than doubling its performance on last year. EOY results (to September 2012) reported a 140% increase in turnover (up from £34.1m) and a pre-tax profit up from £3.9m to £9.2m. The results come as the company announces plans to open another 12 stores across the UK in 2013 and create 500 new jobs across the business in the next three years.
Set up on eBay in 2003, the company quickly became eBay’s largest retailer in 2006 and has since gone on to open 36 stores across the UK, now employing 650 people.
Founder and MD Jason Bannister comments: “These exciting figures reflect the hard work and sensible decisions we’ve made in the last year. We have focused on a rapid roll-out of stores, starting out in December 2011 with 12 stores and achieving 36 stores nationwide by Boxing Day 2012. It was also crucial to maintain our momentum of sales online during this busy period.
“The plan is that 2013 is going to be slightly quieter with more consolidation across the business, but we are still committed to opening 12 new stores in prime sites across the UK. It is hard to believe I started the business with a single container of hardwood back in 2003.”
The company has plans to expand its product range with the opening of Oak Furniture Land SleepShops in 17 stores and the introduction of a range of sofas. It has also added investment in additional warehouse facilities and infrastructure, including relocating its Swindon operations last November to a 302,000ft2 premises.