Kitchen specialist Magnet is planning an eight-figure investment into new stores and remodelling some of its 196 existing outlets.
The investment programme was kickstarted with the relaunch of the brand's Stockton store in a new format featuring a fully working kitchen to allow Magnet’s in-store team to demonstrate appliances such as instant boiling water taps and steam ovens. Two other stores in South Wimbledon and Sale will open under the format.
Nobia Holdings UK, the parent company of Magnet, said the investment follows what it called its best winter trading period to date, as Covid restrictions were lifted allowing customers back to showrooms. The Darlington firm saw turnover of £417.4m in 2021, up from £394.1m, and narrowed losses to £9.9m from more than £30m.
