The retailer's Bury store and an investment property in Norwich (inset), which it sold last June
Glasswells recorded higher profits during a year where it incurred significant disruption to trade as it began a major refurbishment of its flagship store.


The East of England retailer — currently part-way through a major £1 million revamp of its Bury St Edmunds superstore — posted after tax profits up 6.1 percent to £1.98 million in the year to February 24.

That was despite revenue dipping 1.6 percent to £25 million, described by the retailer as "inevitable" as the privately-owned company encountered significant disruption while it undertook substantial refurbishment work.

"The first phase of works reduced floorspace for several months and it was not until Christmas that selling space returned to normal," the company said in just filed accounts.

Profits were boosted by lower costs but also a circa £400,000 gain on the sale — for just under £1.1 million — of its former Norwich store building on Ber Street, now leased to other companies, last June.

The cash generated from the sale, along with net operating cashflow of nearly £2 million, helped Glasswells repay the last £1.47 million of its outstanding bank debt and grow year-end cash to £7.6 million (2017: £6.2m).

Total equity advanced to £32.1 million (2017: £29.8m) for the retailer, which also trades from a large Ipswich store and other smaller satellite locations.