Julian Charles breaks even from a £2.1 million loss

SKG Capital, the family office specialising in retail turnarounds, has taken bedding and linen retailer Julian Charles to a break-even position.

Founded in 1947, Julian Charles was acquired by SKG Capital during the height of the Covid-19 pandemic in June last year.

In the 12 months to April 2019, the retailer made an EBITDA loss of £452,000 and was then damaged by the closure of high street stores during Covid-19 lockdowns. In the 18-month period to October 2020, it made an EBITDA loss of £2.1 million.

Under the new ownership, Julian Charles reached an EBITDA break-even point in the six months to April 2021. SKG attributed the turnaround to a strategic focus on online, keeping the retailer’s presence on the high street, the launch of new designs and patterns to appeal to a younger demographic, and the resiliency of the homewares market.

SKG also strengthened the management team with the appointment of Simon Peck as managing director and Steve Edwards as finance director. The turnaround has been overseen by SKG Partner and former chief executive of HMV, Neil Taylor.