Profit at Sleepeeze, King Charles’ favoured bed maker, was slashed by more than 50 per cent in the year before it was acquired, it has been revealed.
The Kent-headquartered business has reported a pre-tax profit of £159,261 for 2023, down from the £360,565 it reported for 2022.
Newly-filed accounts with Companies House also show its turnover fell from £39m to £38.7m in the year.
Sleepeeze, which was awarded a Royal Warrant from King Charles III in May 2024, is currently marking its 100th year.
The company had previously held a Royal Warrant from Prince Charles continuously since 1985.
A statement signed off by the board said: “The fiscal year 2023 was a dynamic period for our company, marked by a slight growth in gross sales year on year and a 69 per cent growth in EBITDA [earnings before interest, taxes, depreciation, and amortisation] at a trading company level.
“This performance was driven by strategic brand promotion, significant product introductions and continued sector support.
“Like many other companies we continued to experience significant raw material price increases and rising energy costs.
“These, along with interest rate increases, were further intensified by the Russia-Ukraine war.”
Sleepeeze added: “Retail performance was impacted by rising interest rates and ongoing economic uncertainty.
“However, the directors are pleased to report that net sales have remained consistent with the previous year’s levels.”
Sleepeeze taken over by Silentnight owner
The results come after a group owned by the majority shareholder of Silentnight acquired Sleepeezee for an undisclosed sum in May 2024.
The business was snapped up by The Sleep Group, which is owned by H.I.G. Capital, from France-based private equity company Perceva.
At the time, Silentnight CEO Tracey Bamber added: “We’re delighted to welcome Sleepeezee to the group and look forward to moving forward together as two well respected distinct businesses in the UK market.”
In its most recently published accounts, Silentnight returned to profit for the first time since 2019.
The business achieved a pre-tax profit of £6.3m in the 12 months to January 28, 2023, compared to losses of £7.1m in the prior year.
The last time Silentnight made a pre-tax profit was the £8.6m it reported in the year to February 2, 2019. Since then its losses have totalled more than £9.2m. The company’s turnover also increased from £112.1m to £114m.