Good news for ELC - ToyNews

Good news for ELC

The Early Learning Centre, the educational toys chain, has nearly trebled its profits, according to accounts just filed at Companies House.

Author:: ToyNews Online
Publish date:: Jul 31, 2006

Annual pre-tax profits rose from £3.5m to £9.9m, while turnover increased to £178m, up from £174m.

The 200-strong chain is part of Chelsea Stores Holdings, in which chairman Tim Waterstone has a stake of around 10 per cent.

Waterstone is best known for the chain of bookshops that he founded in 1982. He eventually sold the business, now part of HMV, and recently failed in a bid to buy it back. He and Nigel Robertson, a former joint managing director of online retailer Ocado, acquired Early Learning Centre two years ago for £62m from its management and 3i.

The venture capital company had bought it from John Menzies in 2001 after paying £21m and taking on £9m of debt. Chelsea Stores Holdings also owns Daisy and Tom, a children's retailer that was started by Mr Waterstone in 1997.

The Character Group has issued a trading statement declaring a substantial increase in like for like sales during the first quarter.

Toys R Us earnings were up nearly 40 per cent in Q4, according to its latest results.

Mothercare has confirmed that it is in talks to buy the Early Learning Centre chain in an £85million deal.

Babycare retailer Mothercare has agreed to buy the Early Learning Centre (ELC) for £85m.

Hornby has announced its preliminary results for the year ended 31st March 2007, with turnover up and profits improving slightly.

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