Lay & Wheeler sees turnover rise by nearly a third
Lay and Wheeler has celebrated a strong year, with turnover up nearly a third to £19 million, and operating losses slashed, according to results filed at Companies House.
Turnover at the fine wine business increased by 27.9% to £19,277k in the 12 months to 29 March 2021, up from £15,067k in the similar period last year. Meanwhile operating losses fell from -£2,060k in 2020 to -£238k this year, on the back of improved gross profits, which were recorded at £3.716million, up from £3.107million in March 2020.
The equity of its shareholders had decreased from nearly £2million (£1,999k) to £1,772k during the year.
The directors said that despite the instability of the year due to the Covid-19 pandemic, the company had delivered a strong performance, and had operated without external support during the pandemic (ie, no government money or furlough payments)
However, it anticipated challenging conditions ahead on the back of the unstable climate which had been seen in Europe in 2021, as the business was exposure to the vagaries of the weather in France, due to its dependence on Burgundy and Bordeaux en primeur.
This year’s results follow a second strong year for the fine wine merchant, after last year’s “transformational year”, which saw them return the best results in a decade, on sales up 57%
The transformation came after the company was sold by Naked Wines (formerly Majestic Wine Plc) to Coterie Limited for £11.3 million in October 2019, and a bit investment in its team, its ecommerce and its plans for a new state of the art warehouse and HQ.
Speaking to db in November, managing director Katy Keating said that there was “a new buzz and excitement” in the 167-year old company, following its return to private ownership, which has allowed it to bolster the team and strengthen the range.