The new owner of Better Bathrooms has revealed plans to grow revenues to £50m six month after buying the company out of administration.
The Buy it Direct Group, an online appliance, IT and home retailer, said it has turned around bathroom retailer, Better Bathrooms, from administration to being a profitable company after acquiring the business in March this year.
More than 300 jobs were lost when the Leigh-based retailer collapsed resulting in the closure of 13 stores and two trade counters.
At the time, administrators FRP Advisory said the retailer had ‘suffered from severe cashflow difficulties and an extended period of soft trading’ forcing the business into administration.
In the six months since acquiring the business, Huddersfield-based Buy it Direct, which also owns online sites AppliancesDirect, LaptopsDirect, and furniture123, said the business was now a profitable fully online operation.
Buy it Direct were able to save 25 jobs and is now looking to recruit a further 25 members of staff to join the Better Bathrooms team as it aims to grow revenues to £50m within two years of the acquisition.
Nick Glynne, managing director at Buy it Direct Group, said: “We are delighted to have acquired Better Bathrooms, which has great credentials within the bathroom and trade sectors, bringing further specialisms under the Buy it Direct umbrella.
“This acquisition is key to the continued growth of Buy it Direct, and allows us to maintain our position within the e-commerce market.
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“We anticipate BetterBathrooms.com will become a real growth market for the group, as we establish ourselves as the go-to supplier of bathroom fittings and accessories.
“Our revenue trajectory shows that if we continue at our current pace, we will have taken BetterBathrooms.com from administration to smashing their peak revenue of £50m within two years.”
The Buy It Direct group operates websites specialising in kitchen appliances, TVs, laptops, servers, flat-pack furniture and drones.