Losses widen and sales fall at furniture wholesaler

Furniture business Devonshire has reported a decline in sales as losses slightly widened.

According to its latest filed results for the year ended 31 July 2019, total sales fell 18.4% to £9.7m from £11.9m in 2018.

Gross profit was also down to £2.3m from £2.6m, while pre-tax losses resulted at £548,000 compared to its loss of £438,000 the previous year.

Detailed within its accounts, it was noted that all shares of parent company Devonshire Pine (Holdings) Limited were acquired by newco NFH Group for a sum of £5.5m.