Squire’s Garden Centres have filed their annual accounts for the year ending 31 July 2021 with Companies House.
Chairman of Squire’s Sarah Squire commented; “I am full of admiration for my amazing colleagues throughout the business, who worked so tirelessly in a constantly changing landscape throughout FY2021.”
More than ever, this year’s results should not be read in isolation. Squire’s previous year’s results were negatively impacted by the effects of lockdown due to Covid-19. Their results for year ending 31 July 2021 have also been impacted by the epidemic, but in very different ways. In FY2021 whole company turnover was £69.5m. This was an increase of 31% on FY2020. Squire’s anticipate a return to more normal patterns of trading and profitability for 2022, above FY2019 but unlikely to match FY2021, which has to be regarded as exceptional. Their profit before tax rose to £8.0m in FY2021 (2020: £2.2m) with relatively low capital expenditure.
Demand for plants and horticultural products at Squire’s remained very strong in FY2021, as people sought solace and enjoyment from their outside space, and engaged in gardening as a healthy and restorative activity while at home. Customers also wanted to create welcoming and attractive outdoor areas for relaxing and entertaining, and this favourably affected sales of garden furniture, barbeques and garden décor.
“Supply was challenging in some categories,” adds Sarah, “but our buyers did very well to maintain stock availability through a volatile period in the supply chain.”
Squire’s Café Bars were affected by lockdowns two and three, and there were challenges in staff recruitment that were felt throughout the hospitality industry.
“We have retained the table service model introduced on re-opening; this is a point of difference and a way of repositioning our dining experience,” commented Sarah. “We have also introduced a new IT system aimed at improving stock management, speed of service and meal quality.”
The call and deliver service that Squire’s developed during lockdown one has been transformed into their new e-commerce offering.
“We offer local delivery on an increasing number of plants and other products and are pleased with the steady development of this channel,” adds Sarah. “We are carefully testing and learning as we go, focusing on customer service.”
Squire’s key post year end project has been at Wokingham: enlarging the Café Bar, re-fitting the kitchen, and expanding the Food Hall, which now occupies areas previously let to clothing concessions. They are also looking forward to continue working on their sustainability programme, and remain committed to their charitable and community involvement.
“Looking forward we see some short/medium-term availability and cost challenges in our supply chain, and further cost pressures in energy, transport and employment, not helped by current shocking geopolitical events,” says Sarah. “However, we believe that the public has reconnected with gardening and we (and our industry as a whole) have the opportunity to encourage people to garden and continue to enjoy their outside space. With responsible, prudent, and thoughtful management, the support of our talented and committed teams, and the continued goodwill of our customers and suppliers, we view the future with confidence.”
