“They say that retail is detail,” says Neil Gamble. “I’m an accountant so it will come as no surprise that I love detail. But, even though I’ve only been here for a few months, I’m fast becoming a retail man.”
Neil Gamble reckons he’s come full circle in a way. Brought up in Strabane, he was always around his family’s construction business, until his father advised him to build his own career away from building. Now he’s back in a family business, although it’s one of the biggest of the breed.
“But, regardless of size, this is still very much a family business,” he says. “I’ve been really impressed by the energy and drive of the Agnew family. They have a real vision for the business, and it’s a privilege to be able to share that vision. I’ve also leant heavily into the experience of my fellow senior managers, who live and breathe this business and who are meticulous about detail. It’s good to be able to lean on the shoulders of giants.
“It’s crucial to understand the moving parts of a business this size. But it’s even more important to have a passion for that business. If you don’t have the passion, it’s just a job after all.”
He learnt his accountancy craft with EY but always plotted a route into business rather than accountancy practice. He went on to help set up two major shared service centres for US companies, one of them for Axiom Global, and worked on the senior team at Dunmurry-based Survitec before moving on to Lowe Rental, the Lisburn-based commercial refrigeration specialists. Now, he takes up the role of Chief Financial Officer at Henderson Group.
“So coming into an organisation of this size and scale has been a bit of a learning curve,” he smiles. “We’re talking about more than 5,000 employees, not including those employed by our independent retailers, and that’s a decent slice of the total Northern Ireland private sector workforce. But we’re also talking about a company which is truly embedded into the local community, and an organisation that is relentlessly focussed on both investment and innovation.
“As we move forward, it will be all about making the right investment decisions.”
The Group hasn’t been doing too badly. Its most recent 2023 figures show a turnover of £1.3 billion, an 8.6% uplift on the 2022 figure. Pre-tax profit rose from £57.12 million in 2022 to £68.83 million this time around. The Foodservice division of the business posted a turnover of £225 million, up almost 20% from 2022, as it continues its recovery from the effects of the Covid pandemic.
“We’re very pleased with the figures, but it’s fair to say that the first half of 2024 has seen more challenging trading conditions. The continued impact of inflation, higher interest rates, and a bit of a deterioration in consumer sentiment means that sales performance has slowed noticeably.”
Investment for a company like Henderson Group is delivered on a number of fronts. The group invests continually in new stores and in the refurbishment of existing ones in its retail estate. Among the most recent are a flagship new EUROSPAR store in Downpatrick, and a SPAR to EUROSPAR conversion at Millburn in Coleraine.
The stores themselves have changed a lot in recent years, driven by an emphasis on fresh food and convenience offerings and by in-store technology, including expanded use of live information on TV screens in-store.
“Shopping habits changed during the pandemic,” says Neil. “Back then, people were forced to shop locally and they’ve changed their habits as a result. They tend to shop more often and buy less on those visits. Customers have moved beyond the days of the ‘big shop’.”
The group’s technology, including its digital point of sale signage and its check outs, are the domain of another Group subsidiary, Henderson Technology, which also sells its expertise to other retail groups internationally.
But the group also invests in its 5,000-plus people. Investors In People practices are ingrained in the company’s modus operandi.
Henderson Group continue to fundraise for key charity partners including Marie Curie, Cancer Fund for Children, Tearfund, FareShare and Action Mental Health, and in 2023 raised approximately £1.45m, while many other organisations were supported by stores throughout communities in NI.
“Going forward, about
£52 million of the most recent £69 million profit has already been earmarked for specific investment projects,” he adds. “In an ultra competitive sector like this one, you just can’t take your foot off the throttle. The multiples are always fighting back.”
Like many in his position, Neil Gamble has been watching the early moves of Sir Keir Starmer’s Labour Government with interest. “The proposed changes to working practices are something that we’ll have to watch, but aside from that, we don’t see anything to be concerned about.”
On a local level, the weaknesses of our planning system continue to cause not just concern, but actual problems. “We can create jobs in local areas now, but we’re regularly held back by planning delays,” he says.
Other live issues include the related problems of retail theft and attacks on staff, something which has been highlighted over recent months by the umbrella group Retail NI.
“We want to be the Number 1 choice for shoppers here in Northern Ireland,” says Neil Gamble. “2024 looks a bit more challenging than 2023, but that won’t knock us off our investment course. We’re laser focussed on our stores and our communities, and we can make quick investment decisions that no one else can.”