FASHION entrepreneur Nick Wheeler has reported another year of strong growth and bumper payouts at his Charles Tyrwhitt shirtmaking business, writes Bernard Ginns.
The London-based fashion retailer said turnover increased by 23 per cent to £120.8m, with bricks and clicks both contributing to the rise.
Charles Tyrwhitt is a limited liability partnership; profit available for discretionary division among its five members increased by 71 per cent to £13m.
Accounts filed at Companies House show the highest paid member - believed to be Mr Wheeler - had a profit share of £10.6m, nearly double the previous year’s £5.5m.
The members’ report for the year ending August 2013 said: “The business has delivered another year of strong growth... driven by improving performance from both the online business and the retail store portfolio.
“The LLP continues to invest in opportunities and initiatives to grow mail order and online sales, secure new customers and encourage repeat customer orders both in the UK and in overseas markets.
“In addition, the LLP continues to consider potential locations to increase the size of its UK store portfolio.”
Charles Tyrwhitt opened a new store in Trinity Leeds shopping centre a year ago, its first in Yorkshire and its 21st in the UK.
The business sources textiles from the region; suit fabrics and tweeds are woven in Leeds and Guiseley and finished in Huddersfield.
Speaking at the launch party, Mr Wheeler told The Yorkshire Post that his suppliers make “beautiful fabrics at a great price”.
The Old Etonian founded the business making shirts with Yorkshire fabrics in 1986, while still at Bristol University.