Flooring firm eyes £100m turnover target
An online flooring retailer, which has its headquarters in Leicestershire, has hit £35m turnover for the first time – and say it has ambitions to break through the £100m barrier in the near future.
UK Flooring Direct, which is based in Logix Road on the Hinckley Commercial Park, reached the record figure for its year-end results in March meaning it now has five per cent of the market share of the UK wood flooring industry.
The firm moved into Hinckley in 2017 and sells a range of flooring including real wood, laminate and vinyl via its website and a showroom for local trade and retail customers at its headquarters.
The latest figures also show 60% year-on-year growth for the company.
In 2018, UK Flooring Direct strengthened its board with the appointment of a new chairman, chief technical officer, chief finance officer and a non-exec director.
The company also made a string of senior appointments across all departments.
It has surpassed the 100 staff mark in the past 12 months and is on course to hit in excess of £50m turnover in the next year, with ambitions to achieve £100m in the coming years.
That is on the back of more than £1.5m investment in technology, including in e-commerce and AI, and more than £6m in marketing across a range of platforms.
Chief executive Jason Ashby established the company in 2005 when he spotted the rise of hard flooring in homes and the growing online retail trend. He has overseen its growth and said the firm would continue to invest to reach its ambitious targets.
Ashby said: “We are very pleased to hit the £35 million turnover mark, another step in our very ambitious plans to grow UK Flooring Direct.
“Over the past few years, we have invested massively – in our move to a new headquarters, in people, in profile-raising and in the very latest technology. That’s because we are very serious about reaching £100 million turnover in the coming years and continuing to grow the business.
“There is absolutely no time to stand still. Online retail continues to evolve and you have to be at the cutting edge of technology if you want to attract and deliver for customers.
“We are using all the very latest digital technology to make sure we stay one step ahead and it is paying off. We have hit five per cent of the market share and our aim is to increase that by a further 1.5% in the coming 12 months, building on the back of the investment we are making.”