Wren Kitchens has become a £1 billion business.
The huge Humber success story, only launched in 2009, has hit the major milestone in its latest financial year, results just published for 2022 have confirmed. The Barton headquartered business, which controls its own manufacturing and retail operations, saw sales increase 16 per cent from £916.4 million to £1.065 billion. Employee numbers also crossed the 8,000 threshold.
And the company, launched by former Hygena boss Malcolm Healey across the Humber Bridge in East Yorkshire, has no intention of slowing down as it eyes further major UK development. It has already launched in the US – with £11.4 million heading back over the Atlantic from sales there, almost triple 2021’s return – with bedrooms a new addition this year, as well as a focused team looking at supply to new-build homes.
In his strategic report accompanying the results, managing director Mark Pullan told how the board were satisfied with the performance, as the further potential was underlined. He said: “Whilst the kitchen market has benefited from an uplift in demand over the last two years it is clear from the increase in turnover, the company has continued to take a substantial share of the market from its competitors during the period.
“The expansion of the company’s retail network continued during the year with new showrooms opening. Whilst this brings the overall total to 108, this is less than half of the number of showrooms of some of our competitors and there remains significant areas of the UK where the company has no presence. Additional locations have been identified and sites are being sought to address this issue.”
Operating profit was also up, from £100 million to £112.2 million, with more than £90 million reinvested into the business. Wren has now seen almost half a billion pounds spent on the infrastructure, with The Nest the major focus as a new 990,000 sq ft production plant nears completion on the South Bank, complementing original operations at the transformed former nappy plant and further sites in Howden and Scunthorpe. Production began this year, with further lines being commissioned and still to be added.
“Aside from the substantial additional capacity and flexibility that results from this investment, the company expects significant efficiencies will be generated in the mid-term,” Mr Pullan said. He added it also provides continuity cover for the business in the event of any incident.
The Barton site opening also allowed the bedroom venture to be initiated from Howden, with a soft launch this spring. Showrooms are to be refitted to reflect that element, “with a view to pushing further into that market in 2024”.
Mr Pullan added: “The directors remain confident in the company strategy and believe that significant opportunities exist to expand the company’s kitchen operations and activities in the UK and abroad with the additional capacity generated by the new production facility in Barton.”
Original artice – https://business-live.co.uk/all-about/yorkshire-humber