Soaring costs and foreign exchange charges hit homeware specialist Bedeck’s profits

Family-owned textile business posted a pre-tax loss of £3.5m in 2023

Bedeck's joint managing directors, Andrew and Gary Irwin (inset image) against an image of a bed.
Bedeck's joint managing directors, Andrew and Gary Irwin (inset). New accounts reveal the Magheralin-based bedding specialist took a hit from rising costs last year.

Family-owned homeware retailer Bedeck recorded a pre-tax loss of £3.5 million last year, new accounts show.

In a new company report, the Magheralin-based bedding and soft furnishings business disclosed a £1.7m hit linked to foreign exchange movements on forward contracts last year.

Founded by Alexander Irwin in 1951, the company has a long history of manufacturing in Magheralin.

Now headed by his grandsons Andrew and Gary Irwin, Bedeck has grown into a global operator, with the business designing, sourcing, wholesaling and retailing via high street and online stores.

Accounts filed with Companies House for Bedeck Limited show the company’s turnover increased by £567,000 to £32m for the year ending September 30 2023.

But cost of sales rose by almost £2m to £15.9m during the same period.

Distribution costs also rose by around half a million pounds to £4.9m, while administrative expenses soared by £3.8m to £14.6m.

It left the business with a loss-before-tax of £3.5m for the 12-month period.

It compared with a pre-tax profit of £2.4m in the year to September 30 2022.

In a review of the business performance, the directors said: “Although Bedeck Limited has made a loss of £3.5m for the year, this has been impacted by a large charge of £1.7m in relation to foreign exchange movements on forward contacts.

“Overall, the wider Bedeck Group has traded well in the period with a net profit before tax of £1.5m as adjusted for the £1.7m charge in relation to foreign exchange movements on forward contacts.”

According to the company report, Bedeck Limited employed 289 people in 2023.

The accounts show the company wage bill increased by 2.6% to £5.6m last year.

The linen specialist, which boosts a significant portfolio of owned and licensed brands in the bed and bath industry, recently expanded its headquarters in Magheralin with a new warehouse and outlet store completed over the past two years.

It also operates a flagship store on Belfast’s Lisburn Road, with retail outlet stores dotted across the UK and Ireland.