BEAUTY and personal care manufacturer Swallowfield, which employs 330 people in Wellington and 90 in Bideford, has posted strong sales figures in its latest interim results and revealed that chief executive Chris How will be stepping down in the summer.

Group revenues increased to £40 million in the 28 weeks ended January 6, 2018, compared to a similarly strong £39.7 million in the same period in 2017. Sales growth over the last few months has been driven by a 25 per cent increase in sales of owned brands.

Swallowfield says its portfolio of owned brands, developed since 2014 and including the acquisition of The Real Shaving Company in 2015 and Brand Architekts in 2016, now represent 31 per cent of group revenues.

Mr How has decided to step down as chief executive to pursue a non-executive career and focus more on home life. His successor is Tim Perman, now group brand director PZ Cussons plc, who will become chief executive on July 1.

The interim results also show that underlying operating profit increased by 11 per cent year on year to £3.4 million from £3.07 million in 2017.

Net debt has increased to £7 million from £5.5 million in 2017 after a final payment of £1.85 million related to the acquisition of Brand Architekts.

Swallowfield has also acquired men’s grooming brand Fish through a new loan. The company says Fish is a well-established and successful brand with distribution through many UK retailers.

For the full story see this week’s Wellington Weekly News.