Online bathroom retailer Victoria Plum slipped to a loss last year, ahead of the company’s sale to new owners Endless LLP.
The East Yorkshire-headquartered business recorded total losses of £2.3m in the year ending February 28, 2019, despite turnover rising slightly.
Victoria Plum, based at the Bridgehead Business Park in Hessle, was bought by investment firm Endless LLP in October.
The bathroom seller said the deal had resulted in consultancy fees of £1.5m, which it attributed partly to its loss for 2018/19.
Directors at Victoria Plum remained confident for the future however, amid trading conditions which have seen some of its competitors close their doors.
In recently-filed accounts, the company said: “The company sources the majority of its products from overseas markets and is exposed to variations in the pound/dollar rate.
“Notwithstanding this, the company has managed its forecasts to accommodate the effects of the variations of Sterling through the period of uncertainty during the Brexit negotiations.
“During a period when many competitors have suffered financial losses, and in certain cases closure, the directors believe that the continued improvements that have been made to the business have created the foundations for sustainable growth…”
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Founded in 2001, Victoria Plum trades exclusively online, offering a range of bathroom suites, products and furniture.
Total sales at the business rose to £63.7m last year – up from £62.9m.
Despite the increase in turnover though, Victoria Plum slipped from profits of £201,000 to a loss of £2.3m.
Victoria Plum employed over 300 people at the time its most recent accounts were filed.
Speaking about the company’s sale to new owners, directors at Victoria Plum wrote: “Following the sale of the company in October 2019, a new revolving credit facility of £3m is provided by Endless, which is available for immediate draw…
“This facility is available for a five-year period, ensuring the business has sufficient flexibility to manage its affairs in the short to medium term.”
Victoria Plum hit the headlines last year when it was revealed the company had received a £1.75m settlement from a rival firm following a dispute surrounding online search engine advertising.
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The company has now been bought by investment firm Endless LLP.
It builds on continued investment from Endless in the region. In 2016, the firm took over Goole-based emergency service vehicle manufacturer O&H Vehicle Technology.
Endless owned O&H for three years, until it was announced earlier this year that company MD Oliver North and prominent Yorkshire businessman Ken Davy had completed a management buyout at the company.
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