For many, 2022 was a challenging year. Given the cost of living crisis, increased energy prices, high inflation, higher interest rates, lower disposable income, strikes and 17,000 shops closing their doors, coupled with a weak (although strengthening) £pound and supply chain disruption, the year overall was something of a perfect storm.
As 2023 gets underway, Mike Winch founder of Candlelight, says that businesses have to adapt.
“Every business has to adapt to changing circumstances and deal with them. With some 17,000 shops closing, both retailers, and suppliers to retailers, have had to re-invent themselves,” says Mike “There are always challenges for businesses, and longevity is about standing up to them. We started to re-invent and restructure ourselves as a company last summer, and I’m proud to say that we have managed to secure very significant orders from major Blue Chip accounts. We worked on the principle that ‘less is more’, and the results have already paid dividends. Another big plus is that the cost of freight has come down and that the £pound has strengthened.
“There are always opportunities, even in the deepest recession. We started out in 1972 when the country was being held to ransom by strikes, to include the miner’s strike, and with cuts in electricity consumption people went out and bought candles, which is how Candlelight started. Ironically, buying candles is now what a lot of people are doing based on the current energy crisis. In the ensuing 51 years, I’ve lived through countless recessions and different variants of flu, and my answer is always to sensibly react to every challenge and find a solution. The challenges are the same for every business in the country. However, I’m pleased to say that, fortunately for us, the future is looking very bright.”
Top: Mike Winch, founder of Candlelight says that there are always opportunities, despite the challenges.
