Furniture Village doubles employee profit share payouts

Furniture Village has doubled its employee profit share payouts following its strong trading performance for the year ended in June. After the retailer’s share buyback in October 2022, resulting in the business becoming 100% family owned, it implemented a companywide profit-sharing scheme known as the ‘Family Partnership’. The group’s full-year order intake was up 3% on a LFL basis, which together with improved margins and strong cost controls enabled the retailer to produce an “even stronger” trading performance with profits of £12.3m, a “record year” outside the immediate post Covid period. Furniture Village also shared that PBT for the year amounted to £10.1m while profit before ‘Family Partnership’ reached £12.3m. Peter Harrison, chairman, said: “Improving performance is not a God-given-right, especially in the big-ticket sector, which is often more sensitive to economic and political fluctuations. “However, our commitment to taking care of our customers and, most importantly, our own people has proven invaluable during these uncertain times. We firmly believe in bringing our people along with us, and these results are a testament to their extraordinary efforts, for which we are immensely grateful.” Charlie Harrison, managing director, added: Throughout the years we have been very considerate and deliberate in our expansion strategy and our plans are to continue to grow in a sensible, measured way, taking advantage of the right opportunities when they become available. We have recently announced that we will be opening our first store in Edinburgh, Scotland on Boxing Day 2024 – swiftly followed by three or four more.” Given the FY results, the company was able to share approximately £2.2m with all eligible employees across the business. Marisa Keenan, campaign manager, said: “I am proud to work for Furniture Village, a family run business with family values at its heart. I am thrilled that our individual and collective hard work, commitment and dedication is being recognised with the employee profit scheme. “This motivates the whole team and drives us to always perform at our best, which plays an important role in the continued success of the business.”