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Record year for Leicester online electrical retailer
Marks Electrical Group, the Leicester-based online electrical retailer, has hailed a record year.
According to a trading update for its fourth quarter ended 31 March 2022, ahead of announcing its full year results, the company posted record full year revenue with growth of 44% to £80.5m, up from £56.0m in the year prior. Meanwhile Q4 saw revenue grow 19% from £17.4m to £20.7m.
Mark Smithson, Chief Executive Officer, said: “The fourth quarter was another excellent trading period for us, with 19% revenue growth vs. a particularly strong comparative of 127% in the prior year. Our disciplined focus on margin management, capital allocation and cash generation has also led to a strong returns profile from our asset light operating model.
“During the period we have continued to enhance our operational capacity and have added additional resources in our customer services and driver-installation teams, helping us to maintain our market-leading customer service score of 4.8 on Trustpilot. Our USP of free next day delivery with our own fleet of vehicles, combined with our capacity unconstrained single site location, is helping us deliver operational excellence and gain market share in a highly competitive market.
“We continued our focus on improving brand awareness with our offline marketing campaigns, coupled with our search engine optimisation improvements, driving higher levels of organic and direct traffic.
“With face to face meetings back on the agenda, we have met with multiple suppliers during the period and discussed our expansion plans and ways in which we can support each other’s growth objectives. This, coupled with inventory expansion in the second half, as supply constraints start to ease, is making Marks Electrical a more prominent retailer for our brand partners.
“I would like to take this opportunity to thank our colleagues and brand partners for helping us achieve a record year, despite a challenging market environment. We are well placed to seize the opportunities ahead thanks to our compelling customer proposition, low-cost operating model and continued focus on profitable market share growth, with more and more people from across the UK coming into contact with the Marks brand for the first time. As we look forward to FY23, our trading momentum has continued during the start of April, setting us up well for our FY23 financial targets.”
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Offer accepted for Derby County Football Club
The joint administrators of Derby County have accepted an offer from American businessman Chris Kirchner to acquire the football club out of administration.
The bid is for the purchase of the football club only with the terms of the club’s ongoing occupation of Pride Park stadium to be negotiated with external stakeholders.
Mr Kirchner had initially expressed an interest in acquiring the club in late 2021.
Quantuma says discussions have taken place with key stakeholders, and Mr Kirchner has been named as the preferred bidder for the Club, with immediate effect.
The joint administrators have entered into a period of exclusivity with Mr Kirchner and his advisers, during which further operational, commercial and contractual discussions will take place.
Carl Jackson, joint administrator, Quantuma, said: “We are delighted to be able to name Mr Kirchner as preferred bidder, which the Joint Administrators consider represents the best deal for creditors and one which will secure the long-term future of the Club.
“The naming of our preferred bidder represents a significant milestone in the administration, and we look forward to working with Mr Kirchner and his team to complete the sale of the Club.”