Wren Kitchens: Profit almost wiped out as 500 jobs lost
Profit at the owner of Wren Kitchens has almost been wiped out as it shed more than 500 jobs during its latest financial year.
The West Retail Group, which is headquartered in Yorkshire, has posted a pre-tax profit of £1m for 2024, new accounts filed with Companies House show.
The total comes after the business made a pre-tax profit of £35.1m in the prior 12 months.
The new results also show that its headcount fell from 7,631 to 7,129 in the year.
The reduction follows the owner of Wren Kitchens also shedding 1,000 jobs in 2023.
Turnover at the group also declined from £991.6m to £949.3m in 2024.
Wren Kitchen bosses eye future investment
A statement signed off by the board said: “The directors are satisfied with the group’s performance in 2024.
“In the UK, Wren Kitchens, despite having a fraction of the number of outlets of its competitors, is already the number one kitchen retailer in the country.
“In the US, Wren US is investing heavily in anticipation of future growth.”
Wren added: “Industry reports suggest that the UK market has dropped by around 17 per cent from the highs of 2022 but equally confirm the directors’ view that the company has continued to gain market share over the last few years despite the market conditions.”
The company also said: “The directors are of the opinion that reinvestment is essential if the company is to be in a position to take advantage of opportunities to expand its retail showroom network whilst also launching new categories to run alongside the existing kitchen and bedroom categories.
“Given the continued uncertainty in the macroeconomic environment the company has chosen to maintain its policy of holding a higher level of stock than is necessary albeit the level of stock held is substantially lower than those competitors operating a traditional manufacturing model.”