OKA, the UK-based furniture and accessories retailer, reported strong sales of £55.6 million for the period ending June 2024, up from £41.8 million in 2022. This growth was driven by an increase in average order values and a shift toward higher-priced furniture and garden items.
Despite these gains, the company experienced a widening pre-tax loss of £46.9 million, largely due to a £36.7 million impairment linked to the closure of its US operations.
Photo: OKA.
As part of its restructuring efforts, OKA filed for a company voluntary arrangement (CVA) in June 2024, enabling it to focus exclusively on its UK business. The CVA aims to separate the company from underperforming international ventures that were contributing to liquidity and working capital issues.
The move follows the initiation of Chapter 7 bankruptcy proceedings for OKA's US operations, which had been financially supported by OKA Direct Limited. The decision to close these operations is expected to help stabilise the business.
Source: www.bigfurnituregroup.com