3:19pm Friday 19th March 2010
BOLTON-based Cash Generator has reported record year end results with both sales and profits at the 115-strong retail chain soaring during 2009.
Cash Generator is a retail success story and continues to buck the market trend.
For the period February 1, 2009 to January 31 this year, Cash Generator said strong growth across all key income streams contributed to a like for like increase in gross profits of 9.5 per cent and overall gross profits rose by 26.5 per cent to £30.1million.
Total group retail sales rose by 34.7 per cent to £73.6 million with the buying of pre-owned items from the recession-hit general public up by 44.2 per cent.
The company opened 27 new stores during 2009 and a new Express concept was launched and rolled out in a number of locations.
Managing director Julian Urry said: “Exceptionally strong growth across all areas of the business combined with unprecedented franchise enquiries and record store openings have contributed to our expansion across the UK.
“It is our aim to open at least a further 20 new stores during 2010 reaching a group total of 135 or more, and continue to grow our various revenue and income streams. We have already opened four new stores in 2010.”
Cash Generator plans to expand into Europe this year and is already negotiating a master franchise in the Republic of Ireland, where it plans to open 15 stores.
The company also has an opening for a master franchise opportunity in Holland, with Spain, Germany, Poland and Greece to follow, making Cash Generator a major international player in five years.
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