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Turnover Increases but so do Losses at Tapi Carpets

Tapi store exterior 725 x 500

Tapi, the carpet company founded by ex-Carpetright director Martin Harris - son of Carpetright founder Lord Harris, has reported on trading for the year ended 30th December 2017.

Filings at Companies House show that the chain generated sales of £57m during the reporting period, compared with £30m in the previous year.  Operating losses however, increased to £9.2m from £8.6m.  The directors stated: "[They]...fully expected the associated accounting losses during the development phase of the business and are confident of moving to a profitable position when the busines is established."

Martin Harris sold all his shares in Carpetright and left the business in 2014, making no secret of his plan to set up another flooring chain. His first Tapi store opened in London in May 2015, with the support of Lord Harris and high-profile backers including Lord Kirkham (the founder of DFS) and British textile manufacturer Sir Harry Djanogly, among others.

In April 2018, Lord Harris reportedly made an approach to Carpetright to buy around 100 of its stores after Carpetright revealed plans to sell off 60 branches as part of a business rescue plan.

Tapi is currently trading from 104 stores. 

Source : Insight DIY Team

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08 October 2018

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