North West shoe firm passes £100m sales mark
A shoemaker based in Skelmersdale has seen its sales pass the £100m mark over the last 12 months.
The firm, which owns a number of stores and employs over a thousand staff at its headquarters, says it has refocussed the business over the last 12 months.
The company, which is under the leadership of chief executive Sara Prowse, has been focussing more on online sales and is also looking to expand overseas.
The company launched in 1959 and was originally a slipper manufacturer.
It now specialises in women’s fashion and has been building a loyal online customer base.
Over the course of last year the company reported turnover of £100.8m compared to £97.95m for the previous 12 months.
Pre-tax profits were also up from £4.3m to £5m.
The company said it has “re-focused to deliver improvements in both profitability and cash generation” as part of the drive towards future growth.
The focus also included effective cost management across the business.
Hotter Shoes , which trades from stores in the UK, was bought in 2014 backed by Electra, the owner of American-themed restaurant chain TGI Fridays.
Earlier this year Electra announced it was planning to divest itself of its investments.
The private-equity fund has been listed on the London Stock Exchange since 1976 but it is looking to sell the businesses it owns.
Electra chairman Neil Johnson said: “Having carefully considered all options the board now believes that given the size of the portfolio and the structural inefficiency of the listed private equity model that is accentuated by making new investments, it is now in shareholders’ best interests to announce the controlled realization of the remaining portfolio over an appropriate period.”
