Nisa Retail, the specialist delivered wholesaler and convenience retailer, said that its turnaround was gaining momentum as it delivered “pleasing” quarterly results.
In the 14 weeks to April 3, 2016, Nisa achieved sales of £327.5m, which is 4.9 per cent growth year-on-year. Nisa said it had reversed the significant loss incurred last year over the same quarter.
In a statement, Scunthorpe-based Nisa said: “In the fourth quarter, Nisa recruited 111 new stores, including 41 in the symbol group and 70 across independent and specialist. Nisa’s turnaround strategy, which started following the appointment of Nick Read as chief executive in February 2015, has led to an improvement in performance, driven by sales and volume growth, an enhanced trading margin, better distribution efficiencies and a successful reduction of overhead costs.”
In October 2015 the business also secured a new two year banking facility, providing an increased level of finance to support the company’s growth plans.
Robin Brown, the chief financial officer of Nisa Retail, said: “2015/16 was a challenging year as the new executive team, strongly supported by all employees, focused on stabilising Nisa while restoring confidence and profitability to the business.
“Our retail teams have enjoyed a positive year of recruitment, boosted by a pleasing fourth quarter, which is testament to the faith members place in the long term future of Nisa’s mutual model.”
Nisa supports independent retailers throughout the UK, with some retailers operating under the Nisa brand and others under their own. Nisa supplies the stock, a distribution service and retail support.