Endless acquired JTF Wholesale out of Administration in April 2009 after a sustained period of losses. The business is a discount warehouse club with 13 stores across the UK. Upon acquisition Endless introduced a new Chairman and Buying Director from its network of executives to drive through a rapid turnaround of the business.
Two and a half years on, the Company is outperforming the market with like for like sales 11% up on the previous year and strong cash and profit generation.
The Turnaround Plan
Introduction of new management team and organisational structure
Re-engineering of supply chain including re-establishing control over Far East sourcing
Re-alignment of product ranges to match customer profiles and to deliver margin aspirations
Line by line review and challenge of cost base to eliminate excess cost
Investment in improved store formats and re-branding to ‘Mega Discount Warehouse’
Targeted customer acquisition programme introduced.
The turnaround at JTF Mega Discount Warehouse is firmly established and the Company is entering a growth phase having opened four new stores since the acquisition in 2009. JTF is an excellent example of Endless’ track record for delivering successful operational turnarounds.