Whittard of Chelsea: UK popularity grows but international sales falter

Whittard of Chelsea’s UK sales increased during its latest financial year but its international performance suffered in 2023, it has been revealed.

The Oxfordshire-headquartered company has posted a turnover of £45.6m for 2023, up from £42.3m, according to newly-filed accounts with Companies House.

The business also reported a pretax profit of £903,991, down from the £975,939 it achieved in 2022.

Whittard’s UK sales increased from £34.9m to £39.4m in the year but fell from £2m to £1.5m in Europe and from £5.3m to £4.6m in the rest of the world.

During the year the average number of people employed by Whittard increased from 416 to 447.

A statement signed off by the board said: “It is pleasing to see the brand continue a growth trajectory, from both a sales and operating profit perspective.”

It added: “The group is committed to upholding environmentally responsible practices as the directors are aware of the environmental impact of the business.

“The group has implemented and maintains several measures and initiatives as part of a cross-business environmental policy to reduce its impact on the environment.”

Whittard also said: “The directors forecast growth in 2024 having implemented new strategic initiatives to drive growth with the aim of continuing to improve their brand proposition to its current customers whilst also attracting new customers.”

Whittard of Chelsea was founded in 1886 and remained in family ownership until 1973.

The company floated on Aim in 1996 but went bankrupt in 2008 and was taken over by private equity firm Epic Investment Partners.