Squire’s financial results encouraging despite a challenging year

by | Apr 7, 2021 | Chains, News | 0 comments

Squire's Garden Centres

Squire’s Garden Centres has reported a drop in turnover for the year ending 31 July, which the group says is a “good result” considering the impact of COVID-19. The accounting period spans pre-pandemic, the first lockdown and the weeks of high demand following the centre’s reopening in May 2020.

Perhaps unsurprisingly, given the period of closure during the peak spring trading window, total turnover dropped by 7% to £53m. Trade had been strong during the financial year up until closure. Post-lockdown sales particularly in plants and core gardening were very strong, with a higher average spend. Squire’s believes it secured new customers, as more people were at home and wanted to enjoy gardening and spending time in their gardens.

Turnover was boosted by the addition of Squire’s newly-acquired centre at Wokingham (Heathlands), which joined the Group on 1 August 2019. The performance of this site is reported to have exceeded expectations. Its centre at Frensham benefitted from the newly refurbished food hall which opened shortly before lockdown and, as a stand-alone food shop, was able to continue to trade while the rest of the centre was closed. During the year, Squire’s also completed a major extension of the shop and Café Bar at Milford, and garden centre sales have continued to be very healthy in its new financial year.

Whilst cafés could reopen from early July, there were plenty of challenges to overcome, and café sales plummeted by 33%. Squire’s says the Coronavirus Job Retention Scheme proved “crucial” for it, enabling it to retain staff during the closure period.

Squire’s underlying profit before tax dropped by 42% to £2.2m (LY: £3.7m)., which the group says is a “good result given the events of 2020, and one which reflects a huge amount of hard work on the part of our teams”.

Sarah Squire, chairman of Squire’s, said; “I cannot stress enough how significant the support, commitment and hard work of our colleagues has been as we navigated the period of closure and beyond. So many people have come up with innovative ideas, solved problems and taken on tasks outside their usual remit with willingness, determination and great good humour. Our suppliers have also been incredibly helpful while facing not inconsiderable challenges of their own.”

more latest news ➡

Mike Burks awarded GCA Honorary member

GCA inducts Mike Burks as honorary member

Mike Burks, managing director of The Gardens Group, which owns Castle Gardens in Sherborne, Brimsmore Gardens in Yeovil and Poundbury Gardens near Dorchester, has been awarded Honorary Membership of the Garden Centre Association (GCA). Presented by GCA...

Greenfingers

The GCA Conference digs deep for the Greenfingers Charity

The recent Garden Centre Association (GCA) conference was not only an informative and educational event, but it also featured a lot of fundraising for the garden retail sector’s adopted charities, including Greenfingers. In fact, delegates dug so deep into their...

Andy Hannan joins Dobbies as Commercial Director

Dobbies appoints Andy Hannan as Commercial Director

Dobbies, the UK’s leading garden centre retailer, has appointed Andy Hannan as Commercial Director. With extensive experience from across the retail sector, Andy will lead the delivery of Dobbies’ commercial strategy as it enters its new financial year. Andy has...

retail sales slow

Retail sales slow as high cost of living enters third year

UK Total retail sales increased by 1.2% year on year in January, against a growth of 4.2% in January 2023. This was above the 3-month average growth of 1.9% and below the 12-month average growth of 3.4%. Food sales increased 6.3% year on year over the three months...

Bells Horticultural acquires Peter Beales Roses

Bells Horticultural acquires Peter Beales Roses 

Bells Horticultural, a distinguished family-run enterprise with a rich heritage in horticulture, proudly announces the acquisition of the celebrated Peter Beales Roses business. This strategic move solidifies Bells Horticultural's commitment to preserving and...

New GRIDSERVE hub at Dobbies Edinburgh

Dobbies Edinburgh opens GRIDSERVE Electric Retail Hub

The latest GRIDSERVE Electric Retail Hub has opened at Dobbies Edinburgh, as part of a long term partnership between the charging company and garden centre to increase the number of High Power charging locations across the UK. Dobbies Edinburgh, located in...

Read GCR's latest edition!
Read GCR's latest Made in Britain Supplement!

Subscribe ToThe Wednesday Word

Subscribe To
The Wednesday Word

 

Get all the latest news, events & more straight to your inbox every Wednesday.

You have Successfully Subscribed!

Pin It on Pinterest

Share This