NEWS
CBIL for United United Carpets has secured a £2m loan, more than doubling its cash position. The group has used the Coronavirus Business Interruption Loan scheme to boost its funds. As of 31 March it had £1.45m cash. ‘During the lockdown period, we first stabilised the group, ensuring the safety of employees, and then ensured the financial security of the business utilising the support offered by the Government. ‘Subsequently, we have used the time while stores were closed to review the ongoing costs of the business and, as a result, we have identified significant annual cost savings, which are expected to translate into a substantial improvement in operating margin going forward,’ said Peter Cowgill, United Carpets chairman, prior to the loan.
Sofas & Stuff expands Upholstery chain Sofas & Stuff has continued its expansion. Its thirteenth branch opened in Knutsford, Cheshire on 15 August and the fourteenth in Mere Green, Birmingham on 22 August. The 2,493sqft Knutsford store has more than 30 models on display while the 2,877sqft Mere Green branch has more than 20 sofas. Former Sofa Workshop founder Andrew Cussins launched the chain in September 2009 at what is now its flagship store and head office in Fittleworth, West Sussex. The upholstery is made at the company’s factories in Preston and Nottingham.
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DFS orders ‘significantly ahead of expectations’ DFS has seen orders ‘significantly ahead of expectations’ but has warned that the momentum may not last. The group says orders in-store and online in the past six weeks have been about £70m. ‘This trading is significantly ahead of our initial expectations and is in addition to our previously announced strong opening order book that will generate a further in-year revenue benefit of c£100m. ‘We believe that this trading performance reflects a combination of consumers currently spending more on their homes relative to other sectors, latent demand caused by the nationwide lockdown and also a strengthening advantage from our hybrid digital and physical retail offering, which is particularly relevant in this consumer environment.’ However, it cautions shareholders that it is unable to forecast beyond the short term. ‘The financial year has started strongly, however we do note significant uncertainty exists in UK consumer confidence related to COVID-19 and the potential impact of Brexit, and it is exceptionally difficult to assess the outlook beyond the short term. While positive trading momentum currently remains, we do note that some consumers may be bringing forward spending decisions and this may impact trading later in the financial year. ‘Notwithstanding these risks, recent trading and our current momentum does increase our earnings resilience and it has significantly strengthened our financial headroom,’ it says.
Another addition for Wren Wren Kitchens has taken another step towards 100 branches. The chain opened its 96th store, in Peterborough, on 14 August. The new showroom has 74 full-size kitchen displays, an appliance studio showcasing major appliance brands, and an interior design studio. ‘We’re delighted to be opening our doors today,’ says Alan Read, showroom manager. ‘Peterborough is a fantastic city, and we’re excited to be able to bring our years of design experience to the local area, helping customers design their dream kitchens.’ The chain’s 100th branch is expected to open in September.
New exhibitors for Long Point Next month’s Long Point will feature some new exhibitors. Taking part for the first time are Spink & Edgar Upholstery, Tetrad and The Art Group. The Long Eaton show will feature 20 exhibitors in total. While all showrooms have been made coronavirus compliant, visitors to Collins & Hayes, Duresta, John Sankey and Parker Knoll should make appointments to maintain social distancing. The 21-23 September event takes place across seven venues in the town. May’s edition of the show was cancelled because of the pandemic.
Interiors Monthly September 2020
