Surplus stock seller Huddled completes first year of cash investment in brands
Ecommerce business Huddled has completed its first year in its new structure by chalking up £12.9m in the full year in sales revenue and seeking to become the leading sales business for “surplus” products.
Announcing full year results for 2024 to the Stock Market this morning (6 May 2025), Chairman Sir Robin Miller also said he is to stand down from the AIM listed business, which sells through the Nutricircle, Discount Dragon and Boop Beauty brands.
“As we enter this new chapter, I’ve decided to step down as Chairman at this year’s upcoming AGM. It has been a privilege to guide this exceptional team whose ability to identify emerging market opportunities and rapidly scale operations continues to impress me,” Miller said.
Huddled started like as Immotion, a location-based immersive entertainment business, but after selling the virtual reality business and making a series of acquisitions it has attempted to reposition the group as a circular economy e-commerce player, operating out of a warehouse complex in Leigh.
Martin Higginson
Describing 2024 as a year of cash investment, Martin Higginson, chief executive, said the business has reported a loss before tax of £4,049,000 for the year (FY2023: £2,287,000).
This morning, speaking to TheBusinessDesk.com, he said: “We’re knocking on the door of operational profitability. Our warehouse costs are now largely fixed, which means as we increase volume, we’ll see improved financial performance.”
He said beauty brand Boop Beauty has been a particular standout, with March revenues equivalent to January and February combined. The company is set to launch a TV advertising campaign featuring influencer Olivia Bowen to further drive growth.
Higginson emphasized the company’s unique value proposition of reducing waste and offering customers significant discounts, noting that consumers can save 50-60% on retail stock that would otherwise go to waste.
Higginson added: “FY2024 was a year of cash investment into our various brands, growing Discount Dragon, acquiring both Nutricircle and Boop Beauty, and putting the foundations in place for a dynamic e-commerce business. Our goal is to be recognised as the UK’s most trusted surplus goods e-commerce retail group, helping to reduce unnecessary waste. By redistributing perfectly good products to customers at a fraction of the retail price, we create value for customers, stakeholders, and have a positive impact economically, socially and environmentally.
“The list of big brand partners working with us continues to grow across all three of our brands, all with a common goal of reducing and monetising waste. We have seen revenue and customers grow rapidly in FY2024, a trend that has continued into FY2025 with total Group revenue for March 2025 exceeding £1.7m.
“We know customers like what we do, and we can see there’s growing demand from both customers and supply partners. We still have plenty of challenges, but I am pleased to report these are operational and solvable, rather than customer demand led. It’s now about evolution and continuous improvement.”
He also said one-off costs of £487,000 related mainly to acquisitions, severance costs and aborted projects, were included in the numbers.
The Let’s Explore business is being wound down with a view to it being fully discontinued this year. “The decision was driven by a combination of lack of management bandwidth as well as the changing world of tariffs into the USA. We also believe our efforts and focus are better invested in our growing circular economy e-commerce brands.”
