Sharps Bedrooms and its parent company, Tilden Topco, has this week filed accounts for one of its busiest growth periods, the year ended 29th September 2024.
Despite results showing a -6.9% fall in turnover (£125.8m) with underlying EBITDA down -3.7% to £24.9m, Sharps’ gross margin improved +1.3%, aided by a number of efficiency initiatives. Cash generated for the group was also up £0.8m to £20.8m, after deducting capital expenditure and notwithstanding key acquisition purchases and financing activities.
The financial period saw the UK fitted furniture company invest in two acquisitions as part of its long-term strategy to broaden the group’s target customer base.
In June 2024, Sharps bought Clever Closet as part of its expansion into under-stair storage, an area of increasing appeal to customers looking to maximise space within smaller homes. This followed Sharps’ earlier acquisition in September 2023, of Stoke-based start-up Fittingly, equipping the national retailer with additional expertise to access the increasingly large DIY fitted furniture market.
Spearheading this next phase of growth is new CEO Paul McClenaghan (pictured), who was appointed in December 2024 after long-standing CEO, Kevin Smith, retired following 30 years at the company. With a career working across a number of household retail brands including Dixons Group, Halfords and Victoria Plum, Paul has wasted no time in establishing a clear strategy to accelerate growth over the next three years.
“Throughout my career, I’ve consistently seen the value of focusing relentlessly on customers and their journey,” he says. “After just six months in the role, it’s clearer than ever that Sharps leads the way when it comes to, not only designing outstanding bespoke furniture, but also in providing first-class customer service, and I’m excited by what the future holds.”
