£10m Cole's of Bilston becomes part of Leekes furniture empire

19th November 2009 | retail | Loss making furniture retailer Cole of Bilston has been rebranded as Leekes, following its acquisition by the £65m Welsh furniture group.

The deal includes all three Cole's stores and signals the Leekes Group's intent to grow beyond its Welsh homeland. Cole's hasn't turned a profit since 2004, with 2005-2008 pre-tax losses ranging from £72,000 to £456,431.

In the year to the end of March 2008, its pre-tax loss was £353,615 on sales of £9.8m. Net assets were £3.38m.

The takeover brings the total number of Leekes stores to 11, including four concessions. Leekes has enjoyed greater success in recent times, and last year made a £1.8m profit on sales of £53.9m. Leekes is part of the larger JH Leeke & Son group, which made £3.5m from £65.2m during the same period.