Victoria looks to seize further deal

Sofas & Stuff beats Eco Pledge

Upholstery chain Sofas & Stuff has beaten its Eco Pledge on preventing plastic bottles entering the seas.

The retailer says it has surpassed its target of stopping 1million bottles reaching the oceans this year and has prevented 2,808,000 bottles polluting seas since October 2020.

The Eco Pledge offers customers the option of Quallofil Blue cushions made from recycled ocean-bound plastic – it is estimated that 50% of every cushion is made from 200 plastic bottles that would otherwise end up in the world’s seas.

Working in partnership with Plastic Bank and Advansa, the aim of this part of the pledge is to reduce plastic pollution and help support marine habitats, oceans and the communities who live on their shores. Plastic Bank encourages coastal communities to collect plastic waste in exchange for a source of income. Once collected, the plastic is washed, dried and crushed, before being manufactured by Advansa and turned into Quallofil Blue eco filling fibres.

JYSK set for 25

JYSK will open its 25th UK store this month, on the Marshall’s Yard Retail Park, Gainsborough on 9 December. It will be the fourth UK opening of 2021 for the Danish interiors chain.

‘It’s fantastic to be ending what has been a very successful and prosperous 12 months for JYSK with our landmark 25th UK store, and I am enormously proud to be bringing the brand to Gainsborough,’ says Luke Naughton, JYSK district manager.

‘Gainsborough is a really up-andcoming market town at the cusp of exciting new investment and regeneration plans, so we see great potential for the new store.’

The store will create 12 jobs in the Lincolnshire town.

Victoria looks to add to deal amid record sales

Victoria Group has confirmed it wants to buy part – but not all– of Balta after making another ceramic flooring acquisition and enjoying record first-half sales.

It says it is in talks about buying a ‘profitable, growing part of Balta that possesses good synergy opportunities’, but ruled out a deal for the group.

One deal that has been agreed is the £40.8m purchase of Turkish mid-market ceramic flooring manufacturer Graniser. Its 807,000sqft production facility close to Izmir port has an annual production capacity of 20.8million sqm, which is not fully utilised, with the opportunity to expand output considerably with limited capital expenditure. By comparison, Victoria’s existing ceramic tile operations have an annual production capacity of 52million sqm.

Graniser had sales of £52.8m in 2020 and Victoria says production investment is expected to deliver a 75% increase in earnings over the next three years. Graniser and Victoria Ceramics will benefit from exposure to each other’s commercial markets.

The group saw record first-half sales in the six months to 2 October, up 29.8% on a non-acquisition basis to £489m, and up 9.2% on the same period in 2020. A pre-tax loss of £4.7m became a profit of £2.9m.

The UK and European carpet, underlay, artificial grass and Alliance Logistics divisions saw sales jump 69.8% to £214m, and by 48% on a like-for-like basis. Underlying margin grew from 15.2% to 18%. The group revealed that its driver wage bill has increased by £1m a year.

‘High savings rates – particularly of consumers that form Victoria’s target market – are underpinning the demand for flooring and consequently, despite selling price increases, consumers are continuing to prioritise redecorating their homes. The integration of the acquisitions we have made this year is still at an early stage but progressing well, and so the synergy gains that are expected as this integration work proceeds will drive further earnings and margin gains, helping to offset some of the inflationary pressures being experienced,’ says Geoff Wilding, Victoria Group executive chairman.

Future vision

Visionnaire has become the latest overseas brand to open a London showroom. The Italian company has opened the space, dubbed the Embassy, at Chelsea Harbour Design Centre, reflecting the design of its flagship stores. The space has five roomsets on display, from bedroom to home office and living room.