Expanding furniture and homewares distributor Gallery Direct invested heavily in what was a transformational year to December 2014.

The Sittingbourne based business invested £6.6m net during the 12 month period, including £1.6m on intangibles, representing goodwill on its spring 2014 acquisition of premium bedroom producer Frank Hudson.

It also invested £5m on tangibles, including new office and warehousing facilities, property improvements, fixtures, fittings and plant and machinery.

Revenue at the privately owned Kent company climbed 31.7 per cent to £13.2m (2013: £10m) with the trade of the Frank Hudson business transferring from 1st July 2014 onwards.

Underlying EBITDA declined 32 per cent to £353,689 while statutory pre-tax earnings moved from a £477,528 profit to a £565,553 deficit. However, that includes £709,272 in exceptional items relating to its Frank Hudson acquisition, non-capitalised product development costs, and expenses related to its office and warehouse purchase.

The group last month acquired Wiltshire beds manufacturer Dreamworks Beds (see related).

Thursday: Analysing the expansion of Gallery Direct

Related: Gallery Direct acquires ex-Airsprung CEO’s bed company