Royal warrant holder and leading sustainable bed manufacturer, Hypnos, part of Keen and Toms Holdings, has shared an update on its 2018/19 group-wide financial performance, which outlines strong investment, internal changes within the executive leadership team and a promising start to its new financial year.
A number of external factors have played a part in what has been a difficult trading period for the Group, yet its long-term strategy for growth and business improvement has driven strong investment during this challenging year, ensuring it is more than ready for the economic upturn. Investment has included expanding its specialist home delivery business, Keen and Able, which has achieved a 5 star Trustpilot rating in its first two years of trading and seen revenues increase significantly in the last 15 months.
A slowdown in the UK retail sector, Brexit anxiety and consumers being more subdued and cautious in the current economic climate when it comes to bigger-ticket purchases, has impacted the bed industry. However, the Group’s wider investment in the Hypnos trading companies has focused on the development of its people, processes and pioneering sustainable innovation, delivering a very bright future for the Hypnos brand.
As the historic, family-run business moves into this next exciting period, there has been a change amongst the executive leadership team with Stephen Ward retiring after 13 successful years as chief executive officer. This comes after eight months of the current trading period where all three areas of the group have traded profitably.
The re-shuffle sees James Keen, the fifth-generation of his family, become chief executive officer. John Woolley, has stepped up into a new position as group managing director and will oversee the strategic and day-to-day development of both Hypnos and Hypnos Contract Beds, bringing both sides of the bed making business closer together.
Woolley said: “This is an incredibly exciting time for both sides of our business as we continue to invest in innovative new sustainable designs and strengthen our sustainable credentials and actions. This includes our industry-first Origins Collection, created in partnership with Red Tractor.
“Of course, wider circumstances across the UK economy and our international markets make it a difficult environment to trade in, but with our long term view and passion to continue our legacy as the pioneers in truly ethical and sustainable sleep solutions, we are in great shape as a business to tackle any market challenges.”