A sex toy retailer has thanked Queen Elizabeth for helping them boost profits
Lovehoney – which is owned by Richard Longhurst and Neal Slateford – was awarded The Queen’s Award for Enterprise last year for boosting UK exports, and they have since revealed a pre-tax profit rise of 76 per cent, which they partly put down to the 91-year-old monarch.
Neal told the Bath Chronicle newspaper: “We would like to thank the queen for recognising our achievements – that royal recognition has really helped us to grow the brand overseas.
“Our online-only model gives us significant advantages over more traditional rivals and will allow us to keep prices and costs low in what is a tough period for all retailers.
“We feel the pleasure product category has been fully embraced by mainstream consumers in the last five years and a whole new generation of couples are making adult toys a regular part of their sexual routine.”
Lovehoney has penned deals with Fifty Shades of Grey author E L James, and rock groups Motörhead and Mötley Crüe, for various ranges, as well as one with TV show Broad City – the only sex toy retailer in the world to develop such branded licensing deals
Neal added: “That sea change in attitudes is reflected in our Queen’s Award and the success of branded lines with some of the world’s biggest rocks bands, Fifty Shades and a TV show in Broad City which really speaks to millennials.”
The company’s pre-tax profits have increased from £5.1 million (R96 million) to £9 million (R170 million) for 2016-17, and sales were up 31 per cent from £58 million (R1 billion) to £76 million (R1,4 billion).
Neal and Richard met the queen and Prince Philip at Buckingham Palace last year to collect their accolade.
Author: BANG Showbiz