Profit growth success for county shoemaking firm

Dr Martens in Wollaston
Dr Martens in Wollaston

Wollaston company Dr Martens has been ranked seventh in a league table of private British companies with the fastest-growing profits.

The Sunday Times PwC Profit Track 100 league table ranks Britain’s 100 private companies with the fastest-growing profits over the past three years of available audited accounts.

This year the iconic shoemaker is ranked one place higher than last year and is the highest ranked company in the Midlands region.

Fifteen companies from the Midlands earned places on the 14th annual league table.

Dr Martens has appeared on the league table for the second consecutive year, and the company attributes growth to revitalising the brand by launching new footwear designs and opening new stores.

Under chief executive David Suddens profits grew 127 per cent a year over three years to £21.9m in 2012.

The company employs 374 people and has 13 stores in the UK and 33 overseas, with its boots selling in 75 countries.

Mr Suddens said: “We have now had five years of strong growth.

“Last year was another year of 25 per cent growth and the new year might well be the same.

“These years were not, of course, picked up in the Fast Track report, so there is more to come.

“We benefit a lot from being completely global. Growth in Asia underlined the first years but, at the moment, we are seeing more growth again from the USA.

“Another source of growth has been the move we made a few years ago to open our own stores globally – we now have 30 stores across the world – and to increase our Ecommerce. We will continue to invest in new stores and to make Ecommerce global over the next few years.

“We are obviously very happy about our recent success but it followed many difficult years when the company was close to bankruptcy.

“During that time our colleagues stayed resourceful and flexible and they can be proud of what they have achieved.”

Last year, the company expanded its operation at its headquarters in Cobbs Lane, Wollaston, by taking on four new apprentices.

The factory makes the Made In England range which has grown in popularity in Asia and the USA.

They were recently awarded the Swaysland Diploma after they successfully completed their intermediate apprenticeship qualification in footwear manufacture.

Mr Suddens said: “We have been delighted with the success of our first four apprentices.

“They are already a real asset to the company. And we have just this week welcomed our next round of new apprentices to the factory.”