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Whittard of Chelsea, the renowned tea and coffee retailer, experienced a mixed financial year in 2023, with solid growth in the UK offset by weaker international sales. The Oxfordshire-based company reported a turnover of £45.6 million for the year, up from £42.3 million in 2022, according to recent filings with Companies House.
Despite the overall increase in sales, the company’s pre-tax profit slightly declined to £903,991 from £975,939 the previous year. Whittard’s UK sales were a bright spot, growing from £34.9 million to £39.4 million. However, its European sales dropped from £2 million to £1.5 million, while sales in the rest of the world fell from £5.3 million to £4.6 million.
During the year, Whittard also expanded its workforce, increasing the average number of employees from 416 to 447.
In a statement, the company expressed satisfaction with its continued growth in both sales and operating profit, while also emphasizing its commitment to environmentally responsible practices. The company has implemented various measures to reduce its environmental impact as part of a comprehensive cross-business policy.
Looking ahead, Whittard is optimistic about 2024, with new strategic initiatives aimed at further enhancing its brand and attracting new customers. The company, founded in 1886, has weathered significant challenges in its long history, including a bankruptcy in 2008, but continues to evolve and grow under the ownership of private equity firm Epic Investment Partners.
