Profits halve at homewear company owned by Accrington Stanley chief - but he's still pleased
Turnover and profits have dipped at the parent company of a prominent Lancashire-based plastic homewares manufacturer - but the boss claims it’s moving forward with confidence.
Burnley-based 0404 Investments is behind businesses including What More UK, which was founded by entrepreneur Andy Holt. What More owns brands including Wham, which is known for storage boxes, and BetterWare, which produces a range of homewear items.
Mr Holt is also the owner of Accrington Stanley Football Club, though this business is unrelated.
Newly filed accounts for 0404 Investments have shown that in the year ended 31 December 2024, turnover decreased from £85m to £80.6m. Pre-tax profits had almost halved - down from £4.1m to £2.1m.
In a report with the accounts, Holt wrote that directors were pleased with the group's performance despite the decrease. The report added: "Like many businesses the group has faced significant macroeconomic pressures and overall market uncertainty, much of which has also continued into 2025."
Despite this, it has "continued to invest heavily in new product development and new production facilities currently under construction". The report continued: "Significant investment also continues to be made in market leading plant and machinery and automation. Such investment signifies the group's ambitions and growth plans."
The US trade tariffs introduced post year end have had a "positive impact on the company's trading position", the report noted.
It added that 2025 has been supported by "strong investment and a strategy for growth".