Fragrance Direct’s turnover neared £90m within the 15 months earlier than it was acquired by a joint venture, newly-published paperwork have revealed. The Macclesfield firm has reported a turnover of £86m for the interval from October 1, 2019, to December 31, 2020, whereas its pre-tax earnings totalled £2.1m. The new figures in comparison with a turnover of £49.3m and pre-tax earnings of £88,633 from the 12 months to September 30, 2019. READ MORE: Revealed: How British clothier Amanda Wakeley’s enterprise collapsed into administration Fragrance Direct was established in 1993 and specialises in promoting branded magnificence merchandise, together with fragrances, make-up, skincare and haircare necessities together with present units. The firm acquired by a joint venture between the homeowners of counterpart Allbeauty, personal buyers and an funding fund in March 2021. The transfer to mix Allbeauty and Fragrance Direct into one well being and sweetness merchandise group was made by Maximo Group. The joint venture is backed by the Guernsey Investment Fund.
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An announcement signed off by the board stated: “The firm has had a passable interval. “The administrators have devoted appreciable effort into new methods mixed with advertising and marketing and growing the corporate’s turnover, while sustaining wholesome gross revenue margins. “They are assured of their methods and stay up for one other wholesome 12 months.
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“With the onset of Covid throughout the first quarter of 2020 the shift to on-line purchasing accelerated the change in patrons’ purchasing habits, which the corporate took benefit. The firm believes that this pattern will proceed into 2021 and past as consumers proceed to buy their magnificence merchandise on-line. “As the corporate’s on-line revenues are predominantly within the UK, 96% of its whole on-line gross sales are to clients throughout the United Kingdom, its publicity to Brexit is restricted, however the firm has taken all acceptable steps to keep up its European clients.”