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Denton bullish about Samedaybooks

12.06.07 Graeme Neill

The new owner of troubled retailer Samedaybooks has said that no jobs will go following his takeover, but he expects results to continue to be "poor" for the foreseeable future.

Last week Charles Denton, former c.e.o. of Molton Brown, finally gained control over the company, which includes the five-store chain of Methvens shops. Denton said that he planned to focus on building upon the internet and e-commerce side of the business. "We also want to work in developing technology and sharing it with independents. The company already has a sophisticated stock management system [which can be sold to others]," he said. He also plans to sell retailers a means of easily retailing online.

Denton said that while his focus would be on building the internet business, he also planned to meet with Methven's managers to discuss the stores' future. "If we believe there are opportunities to take the business forward then we will do so," he said. "But there are no plans for staff cuts. We have a loyal team who have been dedicated in supporting the business and we want to keep it that way. There are no immediate massive overheads that need cutting. What is needed is investment in the company's future."

Denton also remained bullish about the company's future in the wake of poor financial results. Samedaybooks announced trading losses of £274,000 for the year to 31st March 2007. "I expect they will continue to be poor," he said. "Trading losses may continue for some time but that doesn't do justice to what we are planning to do in terms of going forward. We want to refocus on the opportunities the business has and back them with investment."

Denton declined to give a timescale on when he could turn the business around but hopes it will be well within five years. "When these new plans for the business come together we will be a substantial organisation. I didn't buy the business to play around with five stores and an internet retailer," he said.

Denton took control of the group last Thursday (7th June) after extending his £1m offer for a second time.

Graeme Neill Samedaybooks Charles Denton

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