After a torrid few years, during which it had to enter a company voluntary arrangement with its creditors, Liverpool homewares retailer Taskers is finally showing signs of recovery as it slashes losses. Tony McDonough reports
Liverpool homewares retailer Taskers is showing signs of recovery as it slowly emerges from one of the most turbulent periods in its history.
Taskers, a family business that opened its first store in north Liverpool in 1958, has posted its latest accounts for the 12 months to February 28, 2025. They show revenues falling from £13.5m to £10m and pre-tax losses of just over £1m.
However, the losses are just a third of the £3m reported last year, a clear sign the company is moving in the right direction. In the report finance director Paul Schwartz said since the end of the accounting period there had been “significant increases” in sales.
Taskers, whose majority shareholder is John Tasker, enjoyed steady growth in the first few decades of its existence and became one of Merseyside’s most trusted retail brands, offering a large range of furniture and homewares.
At one point, operated three large warehouse-style stores – at Aintree, Wavertree and Hunts Cross. However, the rise of e-commerce hit the company hard and it closed the Wavertree store in 2017, followed by Hunts Cross in 2024.
As a result of the closure of Hunts Cross headcount at the business fell from 123 to 70 during the reporting period. Taskers now trades from its store in Aintree as well as online.
In June 2024 it was forced to enter a company voluntary arrangement (CVA), This is a legally binding agreement between a company and its creditors to pay off debts over a set period. A CVA offers struggling businesses breathing space.
Although Taskers remains in the CVA, directors have increasing confidence the business will exit the arrangement in a much healthier position. Paul said the company continued to enjoy “excellent support” from its bankers at HSBC.
Also in 2004, Taskers sold its Wavertree site for £3m. This is shortly to see the building of a Lidl supermarket, creating 40 jobs. It used the proceeds to pay down debt, a move that will produce ongoing cash savings of more than £650,000 a year.
In the report Paul wrote: “During this financial period we saw a growth in like-for-like sales. We have had a substantial rebrand and store refit which has fuelled this growth post period end where we have seen significant increases on the current year.
“This is further being achieved through refreshing the stock profile and regaining consumer confidence in our brand. Like-for-like sales showed some growth fuel by targeted promotions and better stock availability.
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“Post year end we are seeing significant double-digit growth and a further increase in margin. This is due to little discounting on stock items, an updated stock profile in line with trends and return in consumer confidence.”
He concluded: “The company’s main objective going forward is to ensure that it returns to profitability and, while the economic outlook remained difficult during this financial period, we are confident that this can be achieved.”