Section 172
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.
Our customers
What matters most
- Product quality, design, choice and value for money
- Ease of shopping experience across all touchpoints
- Inspiration and advice
- Sustainability
Exec responsibility
Lee Tappenden,
Chief Executive Officer
Our colleagues
What matters most
- Our culture and values
- Wellbeing
- Community and the environment
- Regular communication on objectives, performance and strategy
- Personal development and fair reward
Exec responsibility
Lee Tappenden,
Chief Executive Officer
Our suppliers
What matters most
- Long-term partnerships
- Fair terms and conditions
- Transparency in interactions
- Growth opportunity
Exec responsibility
Dan Walden,
Chief Financial Officer
Our communities
What matters most
- Employment opportunities
- Giving back to the community
- Reducing our environmental footprint
Exec responsibility
Lee Tappenden,
Chief Executive Officer
Our shareholders
What matters most
- Strategy development and execution
- Value creation and return on investment (short or long term)
- Strong governance and sustainability
Exec responsibility
Dan Walden,
Chief Financial Officer
Case study
New Trafford Centre Store
The Trafford Centre is one of the UK’s leading retail shopping destinations with approximately 30 million visitors annually, a 9.3 million catchment population and 10% of the UK total population living within a 45 minute drive.
Opening stores in locations such as this provide a significant opportunity to raise brand awareness, attract new customers and deliver profitable sales growth.
We opened our new 2,500 sq.ft store in the centre in October 2023, located in a prominent ground floor position to benefit from the high levels of passing footfall, which will raise awareness of our brand and proposition and the store is meeting our performance expectations and currently well on track to deliver a cash payback within two years.
Case study
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.
launch, and together make up over 30% of the small kitchen electricals market in the UK. 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 directsourced 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).
Electricals sales have already met our initial expectations and continue to grow as awareness builds amongst customers, and we will continue to expand the range in the year ahead.