Entrepreneur who lived on baked beans for three years set for £5million bonus windfall

Sharp: Nick Wheeler saw sales rise by a quarter to £98million at shirt maker Charles Tyrwhitt

 

Nick Wheeler saw sales rise by a quarter to £98m at Charles Tyrwhitt

Menswear entrepreneur Nick Wheeler has sewn up a bonus of more than £5million after his retail chain, Charles Tyrwhitt, made record profits.

Sales rose 25 per cent to £98million and profits five per cent to £7.6million in the year to last July, according to accounts just filed at Companies House. Most of the profits will go to Wheeler.

He said of the shirt specialist’s success: ‘We try to keep things simple. It’s about quality, service and value, but particularly value.

‘A lot of retailers charge too much and people aren’t stupid. They don’t want to be ripped off any more.’

Wheeler, who said he lived on ‘jacket potatoes and beans for three years’ when he set up the business in 1986, said the payout would be ploughed back into the operation. Sales in this financial year are on track to hit £130million, he said.

The company has 21 stores and makes three-quarters of its sales online and through its catalogue. In America it has three stores in Manhattan and one in Washington, and it plans to open outlets in Chicago and Boston.

Wheeler said the stores helped to drive the internet sales and he would continue to open them regionally.

Via Daily Mail

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