Truly: Losses continue at brand backed by Dragons’ Den star Peter Jones
Losses have widened at Truly, the lifestyle brand launched by Dragons’ Den star Peter Jones which used to be backed by Holly Willoughby.
The online business has been trading since the end of 2018 – led by Jones and wife Tara Capp – after TV presenter Willoughby stepped away a few months before.
At the time Willoughby, who was listed on Companies House at Truly’s chief executive, said she had “many other commitments”.
After quitting the brand, Willoughby sold her stake and Truly is now controlled by Peter Jones’ investment vehicle and Tara Capp.
Now Truly, which is based in Buckinghamshire, has reported a loss of £4.3m for the year to 29 April, 2024, new accounts filed with Companies House show.
The results, which have been filed months after the deadline, come after the business also lost £4.1m in its prior 12 months.
Boost for Peter Jones as Jessops struggles
The accounts for Truly come after City PM reported in February that a company which was sold by Peter Jones to DHL at the end of 2024 returned to the black before the deal was signed.
Brandpath Group, which was part of the PJ Investment Group, provides e-commerce businesses with global fulfilment services and works with the likes such as Google.
It was announced at the start of December 2024 that Peter Jones had sold a majority stake in the company to DHL Supply Chain for an undisclosed sum.
The Dragons’ Den star is to continue to chair Brandpath Group while the management team have remained.
Accounts with Companies House for the Milton Keynes firm revealed the business posted a pre-tax profit of £24,350 for the 12 months to 30 April, 2024.
The profit came after the group fell to a pre-tax loss of £225,106 in the prior financial year.
This was the first pre-tax profit the group had reported since the £2.7m it achieved in the year to the end of April 2021.
City PM reported in July 2024 that Jessops, the camera retailer owned by Peter Jones, failed to claw its way out of the red as its sales continued to slump despite a drive to target younger customers.
The Leicester-headquartered company, which has called in administrators three times since October 2019, saw its turnover dip to just under £20m in the 12 months ended 1 October, 2023, down from £21.5m in the year before.
As a result the company recorded a pre-tax loss of £1.20m – down slightly from a pre-tax loss of £1.22m in the previous 12 months.