A Danish furniture manufacture, known for its soundproof office pods and meeting rooms, has reported another difficult financial year, marked by deepening losses and the closure of its UK operations. For the fiscal year 2024/25, the company recorded a loss of 8.1 million DKK, more than double the previous year's deficit, as revenue fell by over 30%. CEO Thomas Stephansen, who took over leadership in January 2025, attributed the disappointing results to a strained market and the costly decision to exit the British market.
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Mutebox entered the UK in late 2023 with an ambitious plan that included a London showroom, office, and three employees. However, the expansion quickly proved unsustainable, costing around 5 million DKK before being terminated. "It was an expensive setup. The UK is a large and exciting market, but also very costly. We've stopped the bleeding, and the decision to withdraw was not difficult," said Stephansen.
The company's equity has dropped to just 39,000 DKK, but ownership group John Bjerrum Nielsen A/S, which specialises in CNC wood processing, has strengthened Mutebox's finances through loan-to-equity conversions. Despite the downturn, Stephansen remains optimistic, noting that Mutebox's new strategy, focused on consolidating its position in Denmark and Scandinavia, is already yielding positive signs.
Founded in 2019 and once featured on Løvens Hule (the Danish version of Shark Tank), Mutebox is now concentrating on stabilising operations and regaining profitability through cost reductions and strategic refocusing during the 2025/26 financial year.
Source: www.wood-supply.dk
