Floorcoverings distributor Headlam has shared an update on its transformation plan to return the Group to profitability by 2027.

The company has outlined key initiatives as part of this plan, which include refocussing on independent retailers and contractors, whilst eliminating loss-making revenue, and consolidating its purchases and leveraging its scale.

Furthermore, the Group plans to reduce footprint further, reflecting a revised business model, improve stock turn and reduce SKUs.

“The Board believes that delivering successfully upon these actions will return the Group to profitability and provide a sustainable financial position,” the company said.

Headlam recently reported a decline in sales as market conditions continue to be challenging. (See Related).