The Original Factory Shop (Tofs) has appointed former Matalan CEO and New Look chairman Alistair McGeorge as its chairman, as it posts sales increase.
Sales at the off-price retailer grew by 5.9% to £184.5m in the year to 27 March, while pre-exceptional EBITDA increased 6.3% to £15.1m.
Gross margin increased from 45.5% in 2015 to 45.7%.
McGeorge replaces David Williams as chairman, who will now become a non-executive director. Before joining Tofs, McGeorge was managing director at Australian chain Big W, which is a division of Woolworths.
Tofs opened 13 stores and refurbished 83 during the period and implemented its largest ever IT systems upgrade. It added new brands including Elle sportswear and reported particularly strong growth in categories such as men’s branded footwear, up 17.7% during the year.
McGeorge said: “I have been following Tofs’ progress with interest over the past few years, and am delighted to be joining the company at this exciting time. Tofs has a unique proposition in the UK retail market and I look forward to putting my experience in the sector to use as we work together to continue the company’s growth.”
Tofs has more than 210 stores nationwide and stocks brands including Adidas, Blowfish, Kangol, Duck & Cover, Merc, Sloggi and Wrangler.