Silentnight’s recent acquisition of Sleepeezee has led to a notable revenue increase, reaching £143.8m, up by 29% compared to the previous year.
- The UK-based company attributes this success to burgeoning business-to-business demand and a strong performance from its consumer division.
- Despite challenging market conditions, Silentnight’s earnings before interest, tax, depreciation, and amortisation (EBITDA) grew significantly by 43%.
- Pre-tax profits rose from £6.3m to £10.0m, marking a substantial improvement in financial performance.
- The strategic merger with Sleepeezee is expected to enhance Silentnight’s market position and product offering.
Silentnight, a well-established mattress supplier, has reported a substantial increase in revenue following its acquisition of Sleepeezee, a renowned bed manufacturer for King Charles. The company’s revenue surged to £143.8 million for the year ending January 2024, a 29% rise from £111.3 million the previous year. This financial growth is attributed to heightened business-to-business demand and the resilience of its consumer division, even amidst challenging market conditions.
For over 75 years, Silentnight has been manufacturing in Lancashire, and its recent financial successes further solidify its reputation as the UK’s ‘most trusted sleep brand’. Earnings before interest, tax, depreciation, and amortisation (EBITDA) reached £12.6 million, up 43% from the previous year’s £8.8 million. Furthermore, pre-tax profits increased to £10.0 million from £6.3 million, demonstrating Silentnight’s strong bottom-line performance.
Tracey Bamber, the chief executive of Silentnight, commented on the company’s strategic focus, stating that their efforts in maintaining consumer trust and expanding their contract business have yielded impressive financial outcomes. She expressed confidence that the merger with Sleepeezee strengthens their market proposition, offering comprehensive solutions across various price points.
Additionally, the acquisition of Sleepeezee is part of a broader strategy by The Sleep Group, owned by HIG, to consolidate their market position by bringing two complementary brands under one umbrella. This move is anticipated to offer an enhanced product range to their customers and foster greater market penetration.
Silentnight’s history includes a notable controversy when the Financial Reporting Council accused KPMG and Costley-Wood of conflicts of interest during the company’s sale to HIG Capital in 2011. This resulted in KPMG receiving a £13 million fine for misconduct. Though this past scrutiny loomed over Silentnight, their current financial achievements signify a promising forward trajectory.
Silentnight’s strategic acquisition of Sleepeezee has not only boosted its revenue but also fortified its market standing, suggesting a bright outlook despite historical challenges.
