Del Boy billionaire’s empire returns to profit after rescue deals
The retail empire owned by the so-called ‘Del Boy billionaire’ and behind The Range and Wilko, returned to the black before rescuing the Homebase brand, it has been revealed.
Chris Dawson’s Norton Group Holdings has reported a pre-tax profit of £10.5m for the year to 2 February, 2025, new accounts filed with Companies House show.
The total comes after the group posted a pre-tax loss of £14m for the prior 12 months.
Over the same period, its revenue increased from £1.29bn to £1.47bn.
The Plymouth-headquartered retailer rescued the Wilko brand in September 2023 after agreeing a deal to buy its website and choose to stock and sell some of its products.
The group hit the headlines again when it snapped up part of DIY chain Homebase out of administration towards the end of 2024.
In its latest accounts, the group said the 53 Homebase stores it acquired are forecast to add hundreds of millions of pounds in revenue for its current financial year.
Retail empire hails ‘impressive’ growth
A statement signed off by the board said: “The period ended 2 February, 2025, has been a successful period for the business as it posts significant revenue growth and a return to profits.
“Whilst profits are respectable, these are even more impressive given the significant number of one-off costs the business carried through the year in relation to the integration of the Wilko website, opening of a new distribution centre in Stowmarket and recent acquisition of 53 previous Homebase stores.
The group said £104m of the increase to its revenue is directly attributable to its retail store portfolio.
It added: “This revenue growth is even more impressive on the back of poor summer weather which directly impacted the sales of patio and outdoor living ranges.”
The group also said £60m of its revenue growth was due to the integration of the Wilko website and it added that The Range’s website experienced a £10m boost.
The Range owner yes £1.7bn revenue
On its future, it added: “The group continues to face increases in its costs of goods, alongside the uncertainty surrounding energy costs.
“The material increase in National Living Wage is further squeezing profitability within the group, however, this is being offset by the efficiencies that are being driven within our stores and wider estate.
“Whilst this impacts the group, it also has the potential to impact our customers who are seeing their disposal income squeezed.
“The group is well positioned to withstand these challenges operating in the value retail sector.”
It also said it expects its sales to be above £1.7bn for its current financial year which will allow it to “return to significant levels of profit moving forward”.