Mi-Bed owner takes steps to minimise impact of external factors

Mi-Bed owner takes steps to minimise impact of external factors

Furmanac, the company behind the Mi-Bed, Mi-Chair and Hestia brands, implemented lean manufacturing techniques and outsourced transportation as it cut costs last year.

The Kingswinford adjustable furniture specialist said it found £2.5 million in savings in all as it recorded pretax profits of £786,658 in the year to end June 2017, part of a wider plan to structure the organisation to be less affected by external factors.

The West Midlands company filed small company accounts without any P&L details other than commentary in the director’s report, where it disclosed profits, and revealed that while revenue had fallen, net margin had widened.

Accounts for the previous year, 2015–16, had shown profits of £988,974 on revenue of just under £18 million.

In the latest period, average staff numbers declined by 81 to 143 year-on-year. In emailed comments to The Furnishing Report, owner and md John Hilliard said: “Staff numbers were reduced throughout the whole business as we implemented lean techniques in the factory and the offices.

“Transport was outsourced within the period and that also reduced numbers considerably.”

Mr Hilliard added that staff numbers had now stabilised “as we continue to concentrate on designing, marketing and manufacturing unique, hand built, quality products here in the UK.”

 

https://www.thefurnishingreport.com/index.php/news/finance/4773-mi-bed-owner-takes-steps-to-minimise-impact-of-external-factors