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Scottish furniture retailer seeks balance after a turbulent year

Scottish furniture retailer has reported a pre-tax loss of £3.9m for the year ended 31 August 2024, with total sales reaching £50.5m. The results reflect a decline from £83.6m in the previous reporting period, though this was an extended 18-month timeframe.

© Sterling Home

The company, Sterling Furniture Group, acknowledged the year as one of "significant challenge", noting that increased overheads in pursuit of an ambitious growth plan, alongside high inflation and softer consumer demand, led to the downturn in performance.

Following the close of the financial year, the business underwent a major leadership reshuffle. Bernard Dunn became Non-Executive Chair in October 2024. Former CEO John Pattison and CFO Kenny Barclay departed soon after. Stewart Robertson was appointed Chief Executive in December 2024, and retail veteran Malcolm Walker joined as group board advisor in early 2025, taking charge of buying and merchandising.

Strategic efforts are now underway to stabilise operations. These include cost reduction measures, renewed focus on product development, and leveraging core strengths. The founding family remains actively involved as shareholder directors, demonstrating continued commitment to the company's long-term direction.

Looking ahead, Sterling anticipates that financial year 2025 will remain "challenging", citing pressure from an "inflated cost base", increased minimum wage levels, and changes to employers' National Insurance contributions. However, the business is optimistic about its recovery prospects under the restructured leadership and new operational strategy.

Source: www.bigfurnituregroup.com

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