Turnover at Spar retailer Lawrence Hunt has dropped by almost 10% to £43.5m for the year ending 17 May 2022, while pre-tax profits also fell 16.8% to £1.2m.
According to its latest accounts at Companies House, the multi-site retailer said it was exposed to “the downturn in spending power” among shoppers in the north west of England, amid the current conditions of the UK’s economy.
It said it was continually monitoring and considering these risks to the business and focusing on customer service, the store experience, and product selection to help mitigate them.
The retailer, which is primarily supplied by Spar wholesaler James Hall and runs over 20 sites, added “all its decisions were made with the aim of remaining operational and competitive” and “to maintain sustainable profitable growth to provide long-term value to the company’s stakeholders”.
“Initiatives and decisions made to help achieve the company’s long-term strategy include driving cost efficiencies in all areas, improving customer experience and convenience food-to-go product range options, and further capital investment plans in new stores and existing store refits,” the accounts said.
Meanwhile, the retailer has undergone a major sustainability drive as the sector continues to grapple with rising energy bills, such as installing LED lighting and refrigeration upgrades.
“The directors are committed to reducing the company’s environmental impact and contribution to climate change through increased energy management, awareness and changes to operational procedures,” the accounts added. ”As part of their commitment to reducing their environmental impact, the company has introduced a number of energy-saving measures, including the installation of LED lighting in the stores.
“A large proportion of the company’s energy usage is required for refrigeration and the company has installed energy-efficient doors for display cabinets to reduce energy waste. Additionally, the company has changed the design and installation of their systems, using less harmful refrigerants and smaller compressors. The company has also invested in their heating systems to reduce energy usage further.”
Lawrence Hunt declined to comment.