Cleaning brand My Fabulosa is to undergo a major factory expansion to help boost its international presence across Europe.
The company’s European turnover grew from £2.2m to £12.7m in the year to 31 August, offsetting a drop in the UK from £33.0m to £21.8m, its latest accounts show.
It plans to now use an eight-figure package from HSBC to fund a factory expansion, which will see it install a third fully automated line to increase production by up to four times its current capacity.
This would significantly strengthen the company’s ability to supply cleaning products to key markets, it said, including the Netherlands, France, Germany and Poland. As a result, it is forecasting a 25% increase in turnover year on year.
Founder James Sharpe said the funding was “helping us reach key milestones in My Fabulosa’s growth journey, enabling us to expand into new international markets, while continuing to deliver our diverse product range to customers worldwide”.
My Fabulosa’s sales have plateaued in recent years after its turnover leapt from £19.4m to £34.7m in the first year of the pandemic.
This sales boost has not been converted to sustainably higher profits, with the company’s pre-tax profits at £4.8m last year, down slightly on pre-pandemic levels.
In June 2022, it promised not to raise prices on any of its products despite soaring inflation, saying at the time it wanted to “support consumers with the cost of living crisis while enabling their valued retail and wholesale partners to maintain an attractive commercial proposition”.
My Fabulosa was founded in 2019 with one line of concentrated disinfectant in three fragrances, but has significantly expanded its product range since. Sharpe was named Entrepreneur of the Year at The Grocer Gold Awards in 2021.
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