FASHION and homewares retailer Menarys is planning to expand its retail presence in Britain.
The home-grown chain, which is headquartered in Moygashel, Co Tyrone, opened its first store in the England last year.
The 3,500sq ft outlet at Ramsgate Garden Centre in Kent, marked the family-owned firm’s first store outside the island of Ireland since the company was formed in 1923.
But the company has revealed its business strategy is now focused on further openings in England, with new stores expected to be opened in the Autumn of 2023 and in early 2024.
Menarys currently operate 17 stores on the island of Ireland, employing around 229 people.
The new expansion strategy follows a number of store closures in the north in recent years.
The retailer’s three Tempest fashion outlets were a casualty of the Arcadia Group collapse.
The stores in Omagh, Cookstown and at the Rushmere shopping centre, which closed in early 2021, had mainly stocked Arcadia brands.
But Menarys is firmly back in growth mode.
A new set of accounts published by Companies House showed sales recovered across its operation in the year to January 31 2023.
Turnover grew by 16 per cent to £14.9 million, with the company recording a profit before tax of just over £716,000.
Menarys, which is owned by Stephen and Philip McCammon, had been trading at around £20 million in annual sales prior to the Covid-19 pandemic.
Sales were slashed to around £11.5m in the first year of the pandemic.
But the business has recovered ground in the past two years, with profits improving.
In a review of the retailer’s 12 months to January 31 2023, the directors described the performance of the business as “encouraging”.
“Our post-Covid business model is proving to be robust with the directors confident that our time will continue to deliver a solid financial performance,” states the report.
“Our first store has opened in England and we expect this to be followed by a further opening in Autumn 2023.”
The report confirmed that expansion in England is now a key part of Menarys’ strategy.
“Our strategy remains to focus on offering great value to our customers while operating increasingly efficiently.
“We believe we are well placed to cope with the financial challenges that 2023 will bring to the consumer sector and our focus on value will continue to appeal to our existing customers and attract new ones.
"Further openings in England in late 2023 and early 2024 are expected."
