The UK division of US mattress brand Sealy has reported revenues of almost £20m in its first set of accounts under new ownership.
According to its latest filed accounts for the period from 9 September 2020, the date of incorporation, to 30 June 2021, total sales resulted at £19.2m.
Gross profit stood at £4.8m, while pre-tax losses amounted to £647,000.
Back in October 2020, global bedding manufacturer Tempur Sealy International, Inc, re-acquired the rights and assets to manufacture, market, and distribute Sealy – and Stearns Foster – branded products in the UK from its previous licensee, Silentnight Group, for a sum of £3.1m.
The company entered into a new 50/50 joint venture (Sealy United Kingdom Ltd) to develop, expand and reposition Sealy products.
The new venture secured the lease of Sealy UK’s Aspatria factory, protecting around 260 jobs, with company investing £3.2m through the issue of shares upon its acquisition.
Stated within its account report, the company said that the first six months of ownership experienced challenges due to the Covid-19 pandemic enforced lockdowns. However, despite these challenges, the business saw an increase in demand for its products as consumers decreased spending in other areas such as travel and entertainment.
“The directors and management are focused on revenue and profit growth to improve the company’s performance,” Sealy UK said, adding: “The UK bedding market will likely face continuing challenges through 2022.
“Nevertheless, the company plans to grow its market share by continuing to innovate and invest in products and marketing.”