OT Group, the parent company of Office Depot and Spicers wholesale brand, suffered a loss exceeding £50m in the year prior to announcing its exit from the 海角视频. The Greater Manchester-based group reported a pre-tax loss of £52.5m for 2023, following a loss of £15.8m in 2022.
Recent filings with Companies House show that turnover for the owner of Office Depot dropped from £120.8m to £109.8m within the same fiscal year. The group last recorded a pre-tax profit in 2020 when it posted £10.1m, but lost £5.3m in 2021, as reported by .
These results follow the announcement made by Office Depot's owner in August this year about its intention to withdraw from the 海角视频 and Ireland markets, citing a "sustained period of difficult trading conditions". In 2023, the group's workforce reduced from 553 to 529.
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A statement approved by the board read: "The company has recently completed a comprehensive review of operations in the 海角视频 and Irish markets, promoted by the lower demand for general office supplies which has resulted from new working practices and the low office occupant rates, which have not been restored to pre-Covid levels."
It added: "The company does not expect office occupancy rates to increase significantly in the foreseeable future and it has also concluded that the current over supply of warehousing and distribution facilities in the 海角视频 office supplies market is not sustainable."
OT Group has announced that Office Depot's 海角视频 and Ireland operations will be sold to PCC Global.
In addition, the group's Officeteam business will also be transferred to the same company, while the assets of Vow Wholesale in the 海角视频 and Ireland are set to be disposed of.