Turnover at Bedeck up by 10% but profits are down for second year
Sales at the Belfast-based luxury bedding retailer Bedeck have grown by almost 10% in the last year.
The luxury bedding company, which employs 350 staff, saw its turnover hit £35m last year, up from £32m a year earlier.
But over the same period, the year until September 2015, pre-tax profits fell from £1.59m to £1.28m.
The company sells a range of premium-label bedding, towels and soft furnishings and also supplies own-brand bedding for Sanderson, Harlequin, Joules, and V&A.
And its products are sourced and distributed world-wide.
It marks the second consecutive year profits are down and follows a £1.6m drop the year before.
The 2014 accounts showed profits were £1.6m, down from £3.3m the previous year, although turnover was £31.9m, compared with £28.9m 12 months earlier.
In the latest company report for Bedeck Ltd, it says risks for the year ahead include the company's exposure to fluctuations in the cost of textiles. However, it was noted that this would also affect competitors.
The company's latest accounts also showed its highest paid director appeared to take a pay cut.
The accounts showed the highest paid director received more than £100,000 in 2015 compared to £360,000 the year before.
Now passed on to a third generation, Bedeck was founded in Magheralin by Alexander Irwin who started stitching linen handkerchiefs in 1951. Eventually the company diversified and began producing bedding.
The company's longest serving employee retired last year after 63 years in the firm.
Today, Bedeck is still owned and run by the Irwin family, and currently led by Andrew and Gary Irwin.
And outside of the business, Bedeck chairman Gordon Irwin is also a former president of Glenavon Football Club - the firm still maintains a relationship with the team through its sponsorship.
Bedeck also runs over 30 concession shops across the UK and Ireland in House of Fraser stores and there are also two standalone Bedeck stores - in Belfast on the Lisburn Road and at Dungannon's Linen Green centre.
The firm aims to focus on quality, affordable products and is recognised as the UK market leader in the production of premium branded bedlinen.
In 2013, Bedeck announced a £5m deal to produce bed and bathware for British-based firm Joules.
Three years ago, they bought over one of the most exclusive brands in Northern Ireland homeware with its take-over of luxury retailer Equinox.
The company now runs Equinox as Equinox @ Bedeck - and offers designer wedding gift services online and in Bedeck's two Belfast stores.