Losses have deepened at Truly, the lifestyle brand founded by Dragons’ Den star Peter Jones, which was once backed by television presenter Holly Willoughby.
The e-commerce business, based in Buckinghamshire, has reported a loss of £4.3m for the year ending 29 April 2024, according to newly filed accounts with Companies House. These documents were submitted several months beyond the filing deadline and show the company’s financial performance worsening following a £4.1m loss the previous year.
Truly was launched at the close of 2018, led by Jones and his wife Tara Capp. Willoughby had initially been involved and listed as the brand’s chief executive on Companies House, but she exited the business several months prior to its launch, citing “many other commitments”. After stepping back, she sold her stake, leaving the company under the control of Jones’s PJ Investment Group and Capp.
Despite mounting losses at Truly, Jones has experienced success elsewhere. In December 2024, it was announced that DHL Supply Chain had purchased a majority stake in Brandpath Group, another firm within the PJ Investment Group. Brandpath, which offers global fulfilment services for e-commerce businesses and works with major clients including Google, returned to profitability ahead of the deal.
Accounts for Brandpath, based in Milton Keynes, show the company posted a pre-tax profit of £24,350 for the year to 30 April 2024, after registering a pre-tax loss of £225,106 the previous year. This marked its first annual pre-tax profit since 2021, when it reported £2.7m.
Separately, Jones’s camera retail chain Jessops continues to struggle. As reported by City A.M. in July 2024, the Leicester-based business, which has been in administration three times since October 2019, remains in the red. Turnover fell to just under £20m in the year ending 1 October 2023, down from £21.5m the year before. Pre-tax losses narrowed only slightly, from £1.22m to £1.20m.
Jessops, once a high street staple, has been trying to reposition itself to attract a younger demographic, though these efforts so far appear to have had limited impact on its fortunes.
