The founder of ProCook, the successful Gloucester-headquartered online and high street store cookware business, is on the hunt for suitable investors to support its future growth plans.
Following its most successful peak trading period to date ProCook is eyeing up opportunities for expansion both in Europe and the UK, with owner Daniel O’Neill seeking investment partners.
The kitchenware retailer saw a huge 40 per cent uplift on sales for the 12 weeks to 3rd January compared to the same period last year, and is exploring further growth opportunities by pursuing EU markets and expanding its retail portfolio. With an expected annual turnover of over £50m profits are set to top £10m this financial year.
Despite most stores being closed for the November and December lockdowns, total company sales reached £21m in the run up to and including Christmas. With an incredible +132% growth in like-for-like sales online for the period, which was partially offset by an expected drop of 21% in retail sales due to lockdown restrictions. Sales were driven by increased consumer demand for kitchenware together with significant growth in the newly expanded tableware category.
Founder, Daniel O’Neill said: “We’ve always known that our multi-channel strategy was the right one and the acceleration online and to mobile this peak period has proved the point. The highlight for peak and indeed the whole of 2020 has been in e-commerce which has
seen sales more than double on last year. We’ve also seen a big move to shopping on mobile in the past 12 months and have invested heavily to ensure we are offering customers the very best experience across all platforms.
“Although many of our retail stores were closed during lockdown we saw some incredibly strong performances when stores were open. We remain committed to our multi-channel strategy and our store growth strategy for 2021 includes upsizing some of our existing units to develop the in-store experience as well as testing a new concept with a cookery school.
“We control our products, our brand and the relationship with our customers, and as a truly multi-channel business we’re looking forward to the next chapter. With the support from KPMG Corporate Finance, the shareholders & senior management team, we will be undertaking a strategic review to enable us to prioritise our many opportunities.
“ProCook has come of age during the last 12 months. What’s going to be particularly exciting is we’ll shortly have the opportunity to see our e-commerce business grow alongside our successful store footprint as retail once again reopens.”