Refined Brands Limited

Active13175575Financial servicesIncorporated 3 Feb 2021 · St. Columb

The principal activity of the company is is as a UK-based holding company engaged in the investment in, and management of, a portfolio of four clothing and accessories retail brands. The Group’s operating entities and brands include Frugi Limited (“Frugi”), Celtic Sheepskin & Co. Limited (“Celtic & Co.”), Turtle Doves (Not Just Gloves) Limited (“Turtle Doves”), and Kettlewell Colours Limited (“Kettlewell Colours”). The brands design and manufacture clothing, outerwear, footwear and accessories for women, men and children, principally from natural fibres and materials. The Group operates its own website channels as well as through selected concession partner websites in the UK and the US, including John Lewis, Next, Marks & Spencer, Macy’s and Nordstrom. In addition, revenue is generated through wholesale channels with independent retailers throughout the UK and Europe. Each brand has its own unique heritage and DNA but shares a common thread of being digitally native, ethically sourced, natural and sustainable. The Group acts as a digital marketing platform at the cutting edge of consumer learning, driving data-led marketing and customer engagement. It has also built a robust back-office infrastructure, underpinned by an integrated, single tech stack, with consolidated warehousing and logistics facilities, complemented by an in-house production facility serving Celtic & Co. and Turtle Doves.

Revenue

£37.6m

▲ +1.3% vs prior ~12m period

Profit after tax

£1.3m

Margin 5.8%

Employees

233

▼ -6.4% vs prior ~12m period

Net assets

£11.5m

Total assets £31.2m

Financial history

Revenue by accounting period

4 periods available · ▲ growth ▼ decline

Jan 2022
Not available
Jan 2023
£22.4m
Jan 2024
£37.1m▲ +65.8%
Jan 2025
£37.6m▲ +1.3%
Period endRevenueGrowthProfit before taxEmployeesNet assets
26 Jan 2025£37.6m▲ +1.3%£1.8m233£11.5m
28 Jan 2024£37.1m▲ +65.8%£2.3m249£13.2m
29 Jan 2023£22.4m—-£159k147£12.7m
31 Jan 2022————£6.3m

Latest available figures

Period ending 26 Jan 2025. “Not available” means the figure is not in the accounts we hold. We do not estimate missing figures.

Profit & loss

Revenue
£37.6m
Gross profit
£19.4m
Operating profit
£2.2m
Profit before tax
£1.8m
Profit after tax
£1.3m

Balance sheet

Total assets
£31.2m
Cash
£5.3m
Total liabilities
Not available
Net assets
£11.5m
Revenue per employee
£161k

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