Rosebud-backed CoolKit announces record profits and revenue
CoolKit, the largest specialist in refrigerated and temperature-controlled vans in the UK, has announced record profits and revenue after a year of sustained growth and structural changes. The Burnley-based business reported turnover of £17.6m in the year ending 30th June 2022, an increase of 54 per cent on the previous year. Group profit before tax nearly trebled, increasing by 298% to a record £1.08m.
The results represent a year of unprecedented growth for the business, which continues to benefit from continued investment into its product and service offering. Such investments have allowed CoolKit to rapidly expand its stock of vehicles, and to fund research and development into conversions for electrically powered vehicles and insulated box bodies to improve its proposition for last-mile delivery service customers. The firm continues to increase its’ commitment to new light commercial vehicle (LCV) stock – which presently stands at circa 600 units on order – a fourfold increase on 2020.
2023 has seen major structural changes to CoolKit’s senior leadership team. Daniel Miller, the businesses Finance Director, took over as Managing Director, whilst Mike Scappaticci and Matthew Kershaw joined as Head of Fleet Sales and Head of Operations respectively.
Looking ahead to the next three years, CoolKit is aiming to secure substantially more market share from markets in both the UK and overseas, a goal which it is currently on track to achieve. As part of this growth strategy, the business is aiming to secure significant orders from the e-grocery (home shopping delivery) sector, which constantly strives for innovations.
To help support the scale-up of the business, February 2020 saw CoolKit receive a £300,000 facility from Rosebud Finance. As an alternative lender, Rosebud delivers finance to businesses where access to mainstream funding may be more challenging. Rosebud is a specialist fund that is tailored to the needs of the Lancashire business community.
Rupert Gatty, chief executive officer at CoolKit, said: “These latest record results are a testament to our incredibly talented team and the exceptional service they provide to our clients. The last year has seen some exciting changes at CoolKit, which positions us well to achieve our growth ambitions over the next few years and bolster our position within the market.
“The support provided by Jonathan and the Rosebud team has undoubtedly been a key factor in helping the business to grow at such pace, and I look forward to continuing this relationship as we continue to innovate and grow as a business.”
Jonathan Nelson, fund manager at Rosebud, said: “Since initially supporting Rupert and the CoolKit team at the beginning of 2020, their ambition and drive have been evident, and these latest results are testament to that. The continued expansion of the team and its ever-growing customer base perfectly demonstrate the immense business talent we have across Lancashire. The next few years promise to be just as strong for the business and I wish them every success.”
Amin Vepari, programme manager at Rosebud, added: “The rapid growth of CoolKit perfectly displays the wealth of talent and innovation within our region. The continued support of businesses like CoolKit is essential in driving forward job creation and boosting our regional economic prosperity. I look forward to seeing where CoolKit heads next on its exciting growth journey.”
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