Bedding retailer Julian Charles has revealed a successful turnaround at break-even position after posting a multi-million pound loss.
The linen firm hit an EBITDA break-even point in the six month period ended April 2021, under new ownership by SKG Capital.
Appealing to younger customers with new designs had helped the business reverse its fortunes, it told CityAM, from an EBITDA loss of £2.1m in the 18-month period before.
The Manchester-based retailer said it had focused on its online business while also remaining committed to a high street presence – including one London store.
According to 2019 accounts, the retailer was making an EBITDA loss of £452,000. It was acquired by private equity SKG Capital last June.
The Manchester-based homewares heritage brand, which was founded in 1947, was acquired by SKG Capital during the height of the pandemic last year in June.
Julian Charles also credited the “general resiliency” of the homewares market as a partial factor in its durability.
The brand trades from 75 locations across the UK, including 41 leased stores with the rest being concessions.
Changes to the management team included Simon Peck being appointed managing director and Steve Edwards as finance director.
Neil Taylor, partner at SKG Capital and former HMV boss, said: “Julian Charles is a strong British brand with a proud history, amazing people, and great product, and we are pleased to bring it back onto a sound financial footing once again.
“There’s still more to do, but the business is firmly on the right path to further growth and in a strong position to navigate the new retail environment, both online and on the high street.
“We are absolutely confident in the future growth and success of the business; the first months of this new financial year are seeing us make very positive steps towards profitability.”