Aspire Furniture, manufacturer, importer and distributor of beds and mattresses, has reported a growth in sales.
According to its latest filed accounts for the year ended 30 September 2023, total sales rose 89% to £27.9m from £14.7m in 2022 – although this was over an 18-month trading period.
Pre-tax profit resulted at £9m, up from £321,000 recorded in the previous year.
Stated within its report, the company said: “The financial period was a huge year for growth and investment. This is a longer period so a percentage increase is to be expected but the high level of increase demonstrates the growth achieved.
“We made major investments in our factory, with a plant and machinery spend of £534,340 as well as a large spend in optimising the factory set up and training production staff. This project is starting to mature now and gives us a great platform for sustained growth in the future.
“We made a large investment in our import and export business with the acquisition of PM Sales and Marketing Ltd and the incorporation of related entity with Holme Valley Beds Ltd.
“The results of these investments show as an increased net asset position of £1.125m from £1.045m in the prior period (restated value). The investment has caused an increase in overhead and borrowing costs, thereby impacting trading profit in the short term. We are confident this puts us in the best possible position to scale the business in the coming years.
“Following the acquisition of PM Sales and Marketing Ltd, the transactions and assets were hived up into Aspire Furniture Ltd. The intention is to strike off PM Sales and Marketing Ltd in the near future as it is now a dormant company.
“In the period Aspire welcomed Charles Oulton as Non-Executive chair. Charlie has also taken a minority share in the business and has brought a wealth of experience into the board room.”
