THE BOSS of Greaves Sports said he is optimistic about the current year as the sports goods retailer revealed it had narrowed its losses.
A bastion of Glasgow city centre since opening in 1930, Greaves made a pre-tax loss of £188,259 in the year to January 31, down from £242,342 the previous year. Revenue was steady at £6.2 million.
Writing in accounts newly filed at Companies House, managing director Sandy Greaves said: “The retail market remained difficult during the last financial year and the company faced a number of significant challenges and responded to produce a financial performance within expectations.”
Mr Greaves noted that the company had made various strategic moves following the end of its financial year, which left the outlook for the current year appear optimistic.
This included the closure of its Sauchiehall Street store. At the time the closure was announced, Mr Greaves said the store was no longer viable and had been propped up by Gordon Street. “Sauchiehall Street isn’t what it used to be. It’s been part of our family business since 1960. It’s a bit of a sore one.”
Average staff numbers in the year increased to 93 from 86, with staff costs totalling £1.5m.
The accounts also show that the company sold a property on Fredrick Street in Edinburgh was sold for £3.3m, which will be shown on the balance sheet in the current year’s accounts.
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