Charles Tyrwhitt named as one of top UK firms with fastest growing profits
Shirt retailer Charles Tyrwhitt has been named by the Sunday Times as one of the top 100 British firms with fastest growing profits.
The menswear specialist took 67th place in the Profit Track 100 league table with profits up 53% a year, from £2.6 million in 2008 to £9.5 million in 2011.
Founded by Nick Charles Tyrwhitt Wheeler in 1986, Charles Tyrwhitt has a flagship store in Jermyn Street and a further 17 stores around the world including New York and Washington. The company is one of the biggest shirt sellers in Europe and has indicated that it will break through the £100 million sales barrier this year.
Wheeler said he was delighted with the results but the hard work had just begun. “I have always fought to give our customers great quality, great value and great service,” he explained. “But just because we are doing well doesn’t mean we can relax. If anything, it means everyone at Charles Tyrwhitt has to work even harder to maintain those high standards.
“We have invested heavily in a world-beating website and ensured our customers get the best value for money possible.
“A lot of retailers have suffered during the recession but it would seem that smart, serious clothing is very much in demand.”
The 13th annual Profit Track 100 league table and awards programme is compiled by Fast Track, a networking and research company that champions private firms and entrepreneurs. Fast Track researches and publishes seven annual league tables with The Sunday Times, ranking Britain’s top private companies by growth or size.
Wheeler added: “We are here for the long term. We want to build a great business and every decision is taken with the next 20 years in mind, not just the next three. The recession will not last forever and our aim is to come out of it with stores in the very best locations.”
