EXCLUSIVE: Middletons reveals plans to enter North West or South Coast after hailing strategy a success
Thomas Powell, Ricky Towler and Andrew Wood, directors of direct-sales furniture operation Oak Tree Mobility and its sister mobility bricks & mortar retail arm Middletons, have declared the implementation of its new medium-term strategy a success.
The company recently secured a substantial investment of £3.8million in its Middletons’ proposition, with the aim of expanding its shop portfolio to 24 by 2020, making it one of the largest mobility retailers in the market.
In the parent company Oak Tree Mobility’s recent strategic report for the period ended 26th August 2018, the directors highlighted that the company’s strategy “has started to bear fruit, with a continual improvement in the reported financial results”, with hopes the strong performance will develop as it moves away from its transitional year.
Oak Tree Mobility revealed an operating profit just shy of £39,000 for 2018 – a marked increase on 2017’s £2,271 – whilst turnover secured for the direct sales company sat just over £18million.
According to the director’s report, a focus on controlling costs helped the company achieve large increases in gross margin and EBITDA margin, both up 8.8 percent and 22.3 percent respectively, with these KPI’s acting as “solid building blocks to drive continued improvement as the Company [Oak Tree Mobility] moves forward.”
Celebrating the £3.8million Middletons investment as a “momentous achievement that both back management’s vision for the Company and allows them to deliver on their longer-term aims,” the mobility retailer is now moving ahead with rapidly expanding its presence across the UK.
In 2018, Middletons opened nine new stores – a mixture of its own stores and concessions – and in 2019, the shop portfolio enlargement has shown no signs of abating, with the company halfway through opening a further eight stores, having already launched new stores across the West and West Midlands in Coventry, Cheltenham, Cannock and soon Brierley Hill.
Discussing the company’s expansion plans with Ricky, he revealed to THIIS the next locations the company has turned its attention to.
“We will either go further North West or we’ll drop down onto the South Coast,” he confirmed.
In Oak Tree Mobility’s annual report, the directors finished by confirming it expects the growth to continue and to enjoy a stronger set of financial results in 2019.
Read the full interview with Ricky Towler and his plans for Middletons in the June issue of THIIS, now available to read online.https://thiis.co.uk/exclusive-middletons-reveals-plans-to-enter-north-west-or-south-coast-after-hailing-strategy-a-success/https://i1.wp.com/thiis.co.uk/wp-content/uploads/2019/01/Middleton-2.jpg?fit=1000%2C667&ssl=1https://i1.wp.com/thiis.co.uk/wp-content/uploads/2019/01/Middleton-2.jpg?resize=150%2C150&ssl=1NewsroomRetailer Newsannual report,Cannock,Cheltenham,Coventry,Exclusive,Middletons,North West,Oak tree Mobility,Ricky Tolwer,South Coast,strategy,success,THIIS,Thomas PowellThomas Powell, Ricky Towler and Andrew Wood, directors of direct-sales furniture operation Oak Tree Mobility and its sister mobility bricks & mortar retail arm Middletons, have declared the implementation of its new medium-term strategy a success.The company recently secured a substantial investment of £3.8million in its Middletons’ proposition, with...Calvin BarnettCalvin Barnettcalvin@thiis.co.ukAdministratorTHIIS Magazine