As previously revealed by ToyNews Irish retailer Smyths Toys is entering the UK market and will open ten outlets in Britain over the next three weeks.
The family-owned company will open its first outlet at Chadwell Heath in Romford this week, while a further nine stores are scheduled to open across the greater London area and in Manchester city in quick succession.
The ten stores are the first phase of the company’s plan to become a significant player in the UK toy market. The company is being advised on the roll-out by Capital Retail, a Nottingham-based property consultancy.
The expansion plans are being funded by cash reserves. According to its most recent accounts, the company had shareholders’ funds of €71.2 million and negligible borrowings.