Commentary: First numbers since the Horatio Myer & Co beds business was sold to Steinhoff highlight how external retail customers have remained at the heart of its sales strategy.

Sales in the circa 15 months since the end of March last year reached £29.5m, equating to just under £24m on a pro-rata basis.

The company (Steinhoff UK Beds) was incorporated to acquire and run the Myer’s, Slumberland, Dunlopillo and Staples brands, which were formerly owned by Hilding Anders.

Of the total sales, £9.6m (£7.7m pro-rata) is described as income from intra-group activity with other Steinhoff owned interests, such as the retail chain Bensons for Beds.

That would mean around £20m (£16m pro-rata) of sales were derived from non-Steinhoff retail customers.

KPMG — which handled the pre-pack sale of Horatio Myer & Co assets — said management accounts for 2012 put revenue in the order of £26.5m.

Dreams was the largest customer of Horatio Myer & Co prior to both being restructured and sold last year. The retailer represented nearly 44 per cent of Horatio Myer’s outstanding debtor book (£2.5m of £5.7m) at the time the manufacturer was sold to Steinhoff.

Whether Bensons is buying more or less than Dreams did pre-2013 is a moot point: what remains clear is that retailers have remained loyal to the Myer’s, Staples, Dunlopillo and Slumberland brands.