LoveHoney.co.uk One of Bath’s fastest growing companies
Another good year for Lovehoney
Thursday, March 10, 2011, 11:00
One of Bath’s fastest growing companies is on course to record its best-ever results.
Sex toy retailer Lovehoney anticipates notching up sales of £13.5m when its financial year ends on March 31.
It recently doubled the size of its warehouse space to 40,000 sq ft by taking on another premises in Locksbrook Road. In addition, the firm has recruited 20 people over the past year, bolstering the staff count to 55.
Last year the privately owned company, which was established in 2002, reported an annual turnover of £10.4 million and profits of £1.5m, with sales on track to be 30 per cent up this year.
Lovehoney has a strong hold on the UK’s online sex toy market, with an independent report from web analysis firm Experian Hitwise stating that the company’s website accounted for one in three purchases of adult products online.
The firm fulfils about 10,000 orders every week in the UK, a figure which has more than doubled since 2007.
It has more than 10,000 product lines intended to produce a happier sex life, including lingerie, books and condoms, as well as sex toys.
Director and co-founder Richard Longhurst said: “Sales have exceeded our projections during the past 11 months. We’ve had significant growth in both first-time customers and repeat business.
“UK consumers are increasingly confident in actively seeking out ways to achieve personal satisfaction, and at a time when money is tight, consumers are discovering that the simplest pleasures can deliver the most satisfaction
“Sexual happiness is about achieving greater personal wellbeing through a better sex life. That’s a lot more fun than going to the gym or eating your five a day.”
Lovehoney is predicting further growth in 2011. It is expanding its overseas wholesale operation, which achieved sales of £1 million in its first year.
Co-founder Neal Slateford, who is responsible for new product development, believes that making adult retail accessible and improving its reputation has been a key factor in the company’s success.
“Our strategy has always been to make purchasing sex-related products fun, informative and discreet in order to make all customers feel confident when selecting their purchases,” he explained.
“When we set up the business there was a lot sleaze and it was hard for consumers to properly research products without stumbling across X-rated content or dealing with less-than-reputable retailers.
“We saw an opportunity to provide a much better product range, customer service and online experience which remains the focus of our activity today.”
Source http://www.southwestbusiness.co.uk/retail/good-year-Lovehoney/article-3312192-detail/article.html
Many congrats Richard and the gang, well deserved :0) We love working with you and so do your affiliates!
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