Furniture retailer Oak Furniture Superstore has reported sales of almost £20m in its first financial year of trading.
According to its latest filed accounts for the year ended 31 January 2024, total sales resulted at £18.2m. Pre-tax losses amounted to £5.9m for the period.
Stated within its report, Moreham Wood Limited (MWL) – trading as Oak Furniture Superstore, said: “MWL was registered as a new company in January 2023. It acquired the trade and assets of Mark Harris Furniture Limited (MHF) in February 2023 and was subsequently purchased by Quercy Limited. Mark Harris had been placed into administration in early 2023 due to legacy contingent liabilities that became known to shareholders.
“A new management team was brought in to rebuild MWL for a sustainable future, securing new bank and shareholder financing whilst protecting other key stakeholder relationships integral to the ongoing success of the Group.
“OFS was founded based on the belief that beautiful, high quality and durable furniture can be supplied direct to the end consumer at an affordable price point, maximising market reach. This is achieved by operating as an ‘online first’ business, utilising a lean; outsourced operating model working only with the highest quality partners and providing the highest level of customer service.
“Given the unavoidable business interruption experienced in the months following the administration process including lost sales time and a severely restricted supply chain, the Directors are satisfied that delivered sales of £18.3m in MWL’s first financial year was in line with expectations.
“The operating loss of £5.8m was also in line with expectations although the Directors are confident that this is not a true reflection of the underlying business as reflected in the analysis below highlighting the significant value of exceptional costs incurred early in the year to January 2024. Cash and Cash equivalents of £0.72m at the year-end was in line with financial projections.
Further to this, MWL invested significantly through the year including spend on a resourced product portfolio, building a high-quality organisational structure and streamlining internal processes and sales channels.”
