Section 172 Statement
Our decisions and actions have significant impacts on our stakeholders, and in delivering our strategy and fulfilling our purpose we are guided by our values to always do the right thing. We are committed to regular, open, and effective engagement with our stakeholders and recognise that this is essential to ensure that the impacts of important decisions we make are appropriately considered.
The Directors confirm that they have, during the year, acted in a way that they consider, in good faith, to be most likely to promote the success of the Company for the benefit of its members and stakeholders as a whole, and in doing so have had regard to the matters set out in s172(1) (a) to (f) of the Companies Act 2006.
Further information on how the Directors have fulfilled their s172(1) duties, as well as examples of decision-making is set out in the Governance Report.
What matters most
What matters most
What matters most
What matters most
What matters most
FY25 new store openings
We successfully opened twelve new stores last year, with nine opened before our peak trading period, and a further three opened in the final quarter of the year, adding over 34,000 square foot of new retail selling space.
Located in popular retail destinations, including both shopping centres and prominent high street locations, the location visitor numbers are in excess of 150 million per annum, providing a significant brand awareness building opportunity and over two million additional new customer footfall into our retail network each year. Our initial read on the online halo effect of the new stores is positive, with customers within a ten mile radius of a new store opening spending more online too, adding an extra 7% of the store's retail sales to our Ecommerce channel revenue.
Early indications of the FY25 new stores performance are that together they will add approximately £10m of retail revenue when fully mature, which we expect to be within two to three years from opening. With a total capital investment of £3.8m, we anticipate they will achieve an average payback of two years.
New Electricals range
In October 2023, we launched the first phase of our new own-brand small kitchen electricals range which we have been developing over the last three years, followed by phase two in March 2024 as part of our category expansion strategy, creating more reasons to shop with ProCook.
These high quality products have been designed by our team in conjunction with our manufacturing partners who also supply some of the world’s most prominent electrical brands, however, through our direct sourced model we’re able to price the products for customers at least 30% cheaper. We were pleased to be awarded the top spot in Good Housekeeping UK awards for 2024 for best kettle and best 2 slice toaster. Phase two included a broader mix of products, such as our new award winning Stand Mixer (priced at £249) and Air Fryer Health Grill (priced at £179).
In FY25, we launched phase three (including bread makers, pizza ovens and ice cream machines), followed by phase four of coffee machines shortly after. Sales performance of this new category is encouraging and we anticipate it will continue to grow as more customers become aware of our extended offer.