Wren Kitchens’ parent company, West Retail Group, has reported a net loss of more than £15 million in its latest financial results, alongside a further reduction of over 500 jobs during the past year.
According to its annual report, the Group’s pre-tax profits fell sharply to £1.03 million in 2024, down significantly from £35.1 million in 2023. This continues a steep decline from its peak performance in 2022, when profits reached £75.9 million.
Turnover also dipped slightly, falling by around 4% to £949.3 million, compared with £991.6 million the previous year. As a result, the company recorded a net loss exceeding £15 million for 2024, a notable reversal from the £14.9 million net profit reported in 2023.
Workforce numbers have also declined. Employee headcount dropped from 7,631 last year to 7,129, representing a decrease of more than 6.5%. This follows a reduction of over 1,200 roles in 2023, meaning the company has cut more than 20% of its workforce over the past two years.
Despite these challenges, the Group’s directors stated they remain “satisfied” with the overall performance.
West Retail Group operates two main businesses: Wren Kitchens Limited in the UK, which sells kitchens and bedrooms, and Wren US Holdings Limited, which operates in the United States. The company noted that, while both divisions carry out similar activities, they are at very different stages of development.
In the UK, Wren Kitchens is already the market leader despite having fewer outlets than its competitors. Meanwhile, the US arm continues to invest heavily to support future growth.
Although 2024 turnover was described as the third highest in the company’s history, the Group acknowledged ongoing challenges linked to its new 1.3 million sq ft UK manufacturing facility. The site is currently experiencing inefficiencies and duplicated costs, which are expected to persist in the short term until production volumes increase.
The company also confirmed that new UK store openings had largely been paused over the past two years, as it focused on expanding its bedroom range and growing its US presence. However, directors now say they are ready to resume showroom expansion, with four new locations opened خلال the past year.
By the end of 2024, Wren operated 115 showrooms across the UK and expects the pace of new openings to accelerate in 2025 and beyond.
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