Discount Wholesale and Retail Chain Bestway Wholesale (owned by Anwar Pervez) has reported 10% growth in revenues during 2021 to £2.66 billion (US$3.5Bn) and an operating pre-tax profit of £37.2 million (US$ 49Mn), equivalent to 1.4% of revenue, in the year to 30 June 2021.
The performance has been attributed to the agility of the business in responding fast to changing customer behaviours. In addition, Bestway Wholesale completed on the acquisition of Costcutter Supermarkets Group (CSG) in February 2021.
The company has not given specific figures for its retail arm, Bestway Retail, which covers all of its fascia businesses including best-one, Costcutter and Bargain Booze.
Dawood Pervez, managing director for Bestway Wholesale, said that the business had focused on integrating operations and delivering the associated synergy benefits.
He commented: “Aside from Covid-19, market conditions in the wholesale sector remained challenging, with supply chain issues, staff availability and inflationary pressures. We have also had to absorb the continued impact from the National Living Wage increases, as well as additional costs and the uncertainty surrounding Brexit.
“Despite these challenges, we remained committed to our strategic plans of offering improved service and convenience to customers and we continued to improve and manage availability of products during this period which resulted in a positive impact on sales.
“Despite the economic turbulence and challenges faced during 2021, the results are a testament to our strategic approach and operating model, which has increasingly positioned us as the home of choice for the entrepreneurial retailer whether affiliated, or unaffiliated, and with a fascia to suit every retailer, regardless of size or location.”
Bestway Wholesale is part of the wider Bestway Group, which saw a 10% growth in revenues during 2021 to £3.75 billion (US$ 4.9 Bn), with operating pre-tax profit of £350 million (US$ 460Mn).
See here for more: https://cashandcarrymanagement.co.uk/bestway-wholesale-boosts-revenues-by-10-per-cent/
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