Profits leap at Character World
CHARACTER World, the Cheadle firm which supplies branded bedding and other home textiles to a number of leading retailers, has seen profits bounce back.
According to newly-filed accounts for the year to December the business grew revenues from £19.3m to £22.2m and increased pre-tax profits from £2m to £3m.
The year marked a return to 2010 sales figures before it was knocked off course by the recession in 2011. That year sales slipped 10% from £21.5m.
The firm is led by brothers Mark and Danny Schweiger who conducted a management buyout in 2008 which valued the company at £20m. The deal provided an exit for their father Tommy who co-founded the business with Danny in 1998, and gave private equity house RJD Partners a stake.
In a statement Mark Schweiger, joint managing director, said: “Our turnover is up by 15.5%, from £19.3m in 2011, to £22.3m. We’ve expanded in the UK and Europe and we’re predicting further growth in 2013. We now employ 67 staff, eight of these operate from our China office.”
In their report the directors said their main focus was securing new licensed products and developing existing ones. Last year the business secured the pan-European licence for the pop group One Direction and already has deals with the likes of JLS, Moshi Monsters, Hello Kitty and Disney.
