British furniture company Timothy Oulton has reported a growth in sales as losses narrowed.
According to its latest filed accounts for the year ended 31 December 2022, total sales rose 82% to £17.3m from £9.5m in 2021.
Pre-tax losses resulted at £2.2m, narrowing from a loss of £4.6m the previous year.
Stated within its report, the company said the increase in sales is primarily due to the commencement of a hotel management operation from November 2021.
Furthermore, the business acquired 60% of the share capital of bespoke sofa business Peter Dudgeon for a sum of £550,000 during November 2021. A year later, the company acquired a further 20% for a sum of £200,000.
