First Quench Retailing’s new acting chief executive has anticipated the company will return to growth within the next two years.
“The goal is to get the business to profit and to break even in the next 18 months,” Martin Healy told OLN.
The new transformation plan has been broken down into four sections - store effectiveness, central operations, the customer and financial governance - in a bid to ensure a “profitable and sustainable future for the business”, according to Healy.
The turnaround strategy includes making FQR a “more engaging and rewarding place to work” by rewarding customer service and teamwork with staff incentives such as extra cash or days off. Healy said it would also be putting in place "more effective and efficient ways of working” through investment in IT, supply chain and store systems.
“It’s about getting the right stock, to the right place, at the right time,” Healy said.
Customer needs have been put at the heart of the plan. The retailer said it would be doing research into brands, ranges, price and promotions to find out whether they meet the demands of the customer and what improvements shoppers want to see.
The fourth part of the plan, dubbed "financial governance", aims to ensure FQR is operating with financial discipline and stable financial foundations.
“This is an important moment in the development of First Quench. There is a lot more work to do and change to come to get the business into the best shape for future success. We have no external debt, we continue to work with our suppliers and we have the support and confidence of our shareholder,” Healy said.