Persistent losses persist for the company endorsed by the Dragon's Den heavyweight, Peter Jones.
Revamped Take:
Peter Jones, the flamboyant entrepreneur from Dragons' Den, takes a hit as his lifestyle brand, Truly, swings into the red. Originally backed by Holly Willoughby, this online business has been running since the end of 2018, steered by Jones and his wife Tara Capp. Willoughby parted ways with the brand a few months prior, stating her busy schedule as the reason. After leaving, she sold her stake, and Truly is now under the control of Peter Jones' investment vehicle and Tara Capp.
Recently, the Buckinghamshire-based company reported a massive loss of £4.3m in the year to 29 April, 2024, according to new accounts filed with Companies House. This loss follows the £4.1m deficit in the previous 12 months, indicating a consecutive struggle for Truly.
On a brighter note, Jones' e-commerce fulfillment company, Brandpath Group, sold to DHL at the end of 2024, managed to return to profit. The Milton Keynes firm posted a pre-tax profit of £24,350 for the 12 months to 30 April, 2024. This marks an impressive comeback, as the group struggled with a pre-tax loss of £225,106 in the prior financial year.
Meanwhile, Jones' revival efforts for Jessops, the camera retailer, have not shown promising results. Despite a push to appeal to a younger demographic, Jessops continued to struggle with sales slump and missed profit targets. In the 12 months ended 1 October, 2023, Jessops' turnover dropped to just under £20m, down from £21.5m in the year before. As a result, the company recorded a pre-tax loss of £1.20m, marginally less than a pre-tax loss of £1.22m in the previous 12 months.
On the brighter side, Jones' exhibition company, Nineteen Group, has been expanding aggressively. It acquired Oliver Kinross in 2023, increasing its global presence to cities like Sydney and New York. The company has also transitioned into a growth partnership fund with Phoenix Equity Partners, focusing on tech-enhanced events while maintaining human connection. The Nineteen Group operates in various sectors, including security, healthcare, retail tech, and energy, suggesting diversified revenue streams.
In recent Dragons' Den appearances, Jones backed a luxury bag company, Temporary Forevers, and a clarinet manufacturer, Alterister's musical tools. Temporary Forevers has managed sales of £165,000, while Alterister is facing declining profit of £40,000 annually.
Though Truly seems to be having a tough time, Jones' diverse ventures demonstrate his commitment to innovation and expansion. His strategic decisions and investments suggest a calculated approach, reflecting his successful career as a business tycoon and Dragons' Den star.
- Despite Holly Willoughby selling her stake and Peter Jones' lifestyle brand, Truly, reporting losses in two consecutive years, Jones continues to invest in various ventures.
- In stark contrast, Peter Jones' e-commerce fulfillment company, Brandpath Group, achieved profitability after exiting 2024, demonstrating resilience in the financial industry.
- The general-news landscape shows Jones' revival efforts for Jessops, a camera retailer, have yet to show promising results, with low sales and missed profit targets in 2023.
- Expanding aggressively, Jones' exhibition company, Nineteen Group, acquired Oliver Kinross in 2023, increasing its presence in global cities like Sydney and New York.
- Simultaneously, Jones' investments in businesses such as Temporary Forevers, a luxury bag company, and Alterister, a clarinet manufacturer, present a mix of success and challenges in the retail and music sectors, marking his continued involvement in the general-news and business world.
