Could Roys of Wroxham be set for expansion? Chain reports 33% rise in profit
One of East Anglia’s best-known family brand names is keeping an eye out for expansion opportunities and investing in technology as it continues to perform well.
Department store chain Roys reported a 33.6% increase in operating profit, despite a slight fall in turnover, according to accounts recently filed at Companies House.
In the year to January 30, Roys had a turnover of £51.17m, a slight drop from £52.27m the year before.
However operating profit rose to £1.097m from £821,614 for the previous 12 months.
In his strategic report, managing director Ed Roy says: “We continue to invest in the use of technology and in the layout of our stores. The directors regard this investment as integral to the continuing success of the business and ensuring we meet the needs of our customers.
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“We remain committed to seeking new opportunities for additional stores.”
The business has eight stores in Norfolk with another in Sudbury, Suffolk, and stocks gardening supplies as well as food, clothes and electrical goods, and is a member of the EDP/EADT Top100 list of the two counties’ biggest companies.
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The strategic report continues: “The group continued to trade in a competitive environment, but through a focus on providing excellent customer service and adapting to the changing needs of the customer base, the group is satisfied with the outcome for the year.”
The group employs 819 people in the equivalent of 534 full time jobs.
During the year the group paid out £140,000 in dividends.
Founded by brothers Alfred and Arnold Roy in 1895 the family have remained strongly tied to the company and it is now run by Ed Roy alongside his brother, the buying and marketing director, Paul Roy. Their mother Margaret Roy recently stood down from the board after 47 years.
After originally starting out in Coltishall the company expanded into Dereham and then at Hoveton St John, with the brand becoming synonymous with Wroxham.
Over the years the company has branched out into baked goods, garden centres, a petrol station, toy shops and cafes and has embraced technology by allowing transactions on its website.