AIM listed ecommerce business Huddled has ‘incredible’ year
Ecommerce business group Huddled, which sells excess stock from major retailers from its warehouse in Leigh said unaudited figures for the year show “incredible” progress and reflect an eventful year for the reshaped business.
Huddled was formed last year by entrepreneur Martin Higginson by acquiring Leigh-based Discount Dragon, and using the stock market listing of Let’s Explore, a virtual reality headset business, and acquiring further online retail brands.
However, Huddled still expects to make an “EBITDA loss” for the financial year. “The loss is in line with our expectations and reflects the fully expensed acquisition of over 100,000 customers in the year and scaling-up of warehouse capacity,” the company said.
The warehouse in Leigh fulfilled over 110,000 orders, an increase of circa 27% compared to Q3 2024, approaching the limit of orders that can be handled.
In December 2024, the remaining 25% of cosmetics reseller Boop Beauty was acquired, giving Huddled 100% ownership of the brand.
Also, in October 2024, Huddled’s partner in the Let’s Explore business, Wicked Vision Limited, went into administration, but the majority of the stock was sold, generating £1.1m. Huddled expects to receive a net cash inflow of £0.4m from the Let’s Explore joint venture during the course of Q1 2025, during which time we will assess the future strategy for the business.
Martin Higginson
Higginson, chief executive of Huddled, commented: “2024 was an incredible year. We more-than-doubled the revenue of Discount Dragon, acquired two new brands in Nutricircle and Boop Beauty, processed over 346K orders, and welcomed over 100K new customers.
“As we move into 2025, we will start to see the benefits of the additional warehouse space and efficiencies. In addition, the growth in orders, and revenue, will bring further savings from packaging, carriers and payment processing, helping to drive better margins across the Group.
“Turning surplus stock into savings for our customers is constantly at the forefront of our minds. As we continue to grow and get our message out there, we are able to deal with more manufacturers and retailers directly, helping them solve a surplus issue as well as driving more value for our growing customer base, who have rated each of our brands as ‘Excellent’ on TrustPilot.
“Whilst there is still much to do, we are confident we now have the foundations for success in place. I would like to thank the entire Huddled team for their continued efforts and hard work, the talent we have is incredible.”
