// Daniel O’Neill, owner of kitchenware retailer ProCook, is looking for investment or to sell the business
// It follows a fantastic year and 40% growth and projected £50m turnover for this year
Kitchenware retailer ProCook is exploring options for the business after it reported its most successful peak trading period to date.
Daniel O’Neill, who owns the retailer, has said the retailer would undertake a strategic review that will include seeking investment partners, further growth opportunities by pursuing EU markets, and expanding its retail portfolio.
Retail Gazette understands that a possible sale of the business could also be on the cards.
READ MORE: ProCook posts record Christmas sales figures
It comes after ProCook reported a 40 per cent year-on-year uplift in sales for the 12 weeks to January 3, and with an expected annual turnover of over £50 million, profits are set to top £10 million this financial year.
The retailer said that despite most stores being closed for the November and December lockdowns, total sales reached £21 million in the run up to and including Christmas.
ProCook also highlighted 132 per cent growth in like-for-like sales online for the period, which was partially offset by an expected drop of 21 per cent in in-store sales due to lockdown restrictions.
Sales were driven by increased consumer demand for kitchenware together with significant growth in the newly expanded tableware category.
“We’ve always known that our multichannel strategy was the right one and the acceleration online and to mobile this peak period has proved the point,” O’Neill said.
“The highlight for peak and indeed the whole of 2020 has been in ecommerce which has seen sales more than double on last year.
“We’ve also seen a big move to shopping on mobile in the past 12 months and have invested heavily to ensure we are offering customers the very best experience across all platforms.
“Although many of our retail stores were closed during lockdown we saw some incredibly strong performances when stores were open.
“We remain committed to our multichannel strategy and our store growth strategy for 2021 includes upsizing some of our existing units to develop the in-store experience as well as testing a new concept with a cookery school.”
He added: “With the support from KPMG Corporate Finance, the shareholders and senior management team, we will be undertaking a strategic review to enable us to prioritise our many opportunities.
“ProCook has come of age during the last 12 months. What’s going to be particularly exciting is we’ll shortly have the opportunity to see our ecommerce business grow alongside our successful store footprint as retail once again reopens.”
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