Jeweller emerges from six-months’ shutdown in strong financial position
Beaverbrooks, the St Annes-based family-owned jeweller, suffered only a minimal decline in operating profits, despite its stores being closed for half the trading year due to the pandemic.
Its latest accounts showed a 14% fall in group turnover, from £143.2m in 2020 to £123.1m for its most recent year.
Beaverbrooks celebrated its centenary in 2020 and enjoyed its most profitable year.
However, the brand experienced market share growth and achieved a group operating profit of £16.3m in 2021, compared with £17m the previous year.
In a year that saw the jeweller’s 71 stores unable to trade for six months, the retailer was able to maintain a strong financial footing and roles for all its 960+ colleagues, with no redundancies made during the entire pandemic.
It invested in its e-commerce operations and the company has continued to grow and invest in the business since reopening, with refits to existing stores and new openings.
Managing director, Anna Blackburn, said: “There’s no doubt that 2020 was a challenging year for the sector, so to come out the other side in such a strong financial position is something we are incredibly proud of as a business.
“For us, it was all about adapting to the changing landscape and ensuring we put the safety of our people and customers as our number one priority.
“It’s no secret that the retail industry was hit hard by the pandemic, so we’re delighted to have retained such a strong level of profit despite our 71 stores being closed for half of the trading year, as well as continuing to invest in our business, our people and our commitment to charitable causes.”
Chairman, Mark Adlestone, said: “A people-first ethos has always been at the heart of our business, and this was more important than ever during a year where our trading decisions were significantly influenced by the COVID-19 pandemic.
“Staying true to our purpose and being agile in our business decisions and direction, meant we were able to navigate a year of store closures and restrictions with an engaged workforce, zero redundancies, ensuring families were supported during this difficult time, and healthy levels of profit to continue to reinvest in our business.”
He added: “I have no doubt that the decisions we made throughout the pandemic helped us to achieve this and gave us a strong financial foothold as we entered 2021.
“We braved the storm and came out the other side even stronger – we are delighted with how we are currently trading, and while there have been hurdles along the way it has been a truly extraordinary story for us.”