Furniture retailer Lee Longlands has reported a decline in turnover as sales remained over £15m.

According to its latest filed accounts for the year ended 31 May 2024, total sales fell 7.8% to £15.2m from £16.5m in 2023, but remained higher than 2022’s result of £14.4m.

Pre-tax profit resulted at £135,000, down from £292,000 recorded in the previous year.

Stated within its report, the company said gross profit margin remained strong at 44%, while its closing bank balance resulted at £1.1m.

“The business opened a brand new showroom located in Bristol Causeway Retail Park during December 2023,” the report added. “This is Lee Longlands most premium showroom and its first new opening since 2016, taking the Groups retail showrooms to 7 strong (Birmingham, Cheltenham, Leamington Spa, Abingdon, Derby, Kidderminster and now Bristol).”

Post balance sheet, the business completed on a refinancing solution during Jun-24, replacing the £3m term loan with Proplend, with a £3.1m term loan with Virgin bank. “The new refinance solution provides more forward stability whilst also allowing for future operational flexibility,” the company said.