Home and garden retailer Taskers has reduced its debt following the sale of land at its Wavertree site for a net £3 million. This sale, alongside a company voluntary arrangement (CVA) agreed last year, has helped the Liverpool-based business make progress in managing its finances. As part of its CVA plan, Taskers closed its Hunts Cross store in 2024. The sale of the Wavertree land allowed the retailer to clear £3.8 million in bank borrowings by its financial year-end on 29th February 2024, including an overdraft facility and two loans.
Photo: Taskers.
Despite these efforts, Taskers reported a net loss of £2.1 million for the 2023/24 period, a significant increase from the previous year's loss, with revenue falling 10% to £13.5 million. The loss was partly due to nearly £900,000 in CVA-related costs. Additionally, net assets declined to £5.46 million, a reduction from £8.66 million the previous year, which included a £1.1 million write-off of assets following the store closure.
The retailer's audit report also included a qualified opinion due to concerns over the stock quantities of £3.9 million held at the end of the financial year. However, Taskers reported a return to like-for-like sales growth since the CVA, and the company is optimistic about returning to profitability with cost savings and improved sales. The business also renewed its banking facilities with HSBC following the land sale.
Source: www.thefurnishingreport.com