The parent company of sofa-in-a-box brand Swyft has reported a growth in sales as losses widened.

According to its latest filed accounts for the year ended 31 January 2023, total sales rose 30.2% to £21m from £16.2m in 2022.

Pre-tax losses resulted at £10.4m, widening from a loss of £7.1m recorded the previous year. Post year-end, the company was acquired by Sleep Brands Limited on 24 April 2024. Read more here.

Stated within its report, the business said: “Following periods of significant growth and the subsequent ongoing support required to do so, the company undertook of full review of all areas of the business from product design through marketing efficiency and product delivery to ensure that our future margins allowed the business to trade profitably.

“This work, which began in 2022, still continues and became especially key as the global economy drove new cost challenges to the business. 2023 still required strong growth rates which were delivered on and as we locked in our new cost base the company moved into breakeven performance.

“At this time, we welcomed 4 Ventures Limited into our business alongside Industrial Lending 1a Sa as investors. This new investment provided access to additional funds for TV marketing campaigns which the company had previously deployed in 2021 allowing the company to build brand awareness beyond our previous audience.

“Subsequent to the year end we were able to welcome Sleep Brands Limited as the new owners of the group allowing us to leverage and maximise our working capital position and streamline the operations and production. This is further increased by the ability to increase and expedite our delivery times and customer service by the utilisation of a wider network of warehousing, distribution and production.

“Looking forward into 2024 the company will continue to grow our topline performance even with the continuing challenges facing the furniture sector. Our goal to access wider customer groups through additional product and selling channels will continue throughout the coming years and in 2023 a key part of our growth will come from new ranges and a wider fabric offering through a Made to Order service.

“The next 18 months will see further product expansion beyond our traditional ranges and greater channel expansion to provide for the growth plans forecasted. This is an exciting time for the business and group moving forward and with that the ability to explore a number of core opportunities within the organisation and the wider market.”