Jobs cut at Disney Mattel and Hasbro toy maker Sambro International amid pandemic fight back
Jobs have been cut by a Greater Manchester-based international toy maker and distributor as it carried out “significant changes” in the wake of the Covid-19 pandemic.
The number of people employed by Sambro International, a global supplier of licensed toys, stationery and arts and craft products, during its most recent financial year dropped from 142 to 106. That number has since fallen further.
In newly-filed documents with Companies House, the Bury-headquartered firm said it has gone through “some significant structural changes and cost reduction programmes” since the start of the pandemic which had an impact on its finances.
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The accounts, for the 12 months to December 31, 2020, show the business achieved a turnover of £36.7m in the year, down from £54.1m.
Its pre-tax losses however were cut from £3.9m to £1.5m over the same period.
A statement signed off by the board said: “The business was affected by the Covid-19 pandemic in early 2020, suffering initial supply-side challenges, followed by global demand-side challenges through the remainder of the year.
“As principle customers of the business were forced to close for lockdown periods, sales orders for 2020 had to be delayed until 2021 or, in some cases, cancelled.
“The business continued to operate throughout 2020 by implementing cash management controls, updating and managing the sales and margin forecasts of the business and maintaining positive relationships with key stakeholders such as licensors, the organisation’s private equity backer and its banking partner.
“The resulting Covid-19 revenue and EBITDA forecast were exceeded in 2020.
“With ongoing margin improvement projects and overhead savings, the business produced a realistic, detailed, bottom-up budget and is expecting strong revenue and EBITDA performance in 2021 and beyond.
“Strong sales performance in Q1 of 2021 has led the business to prepare a further detailed forecast model for 2021, which suggests strong sales growth and EBITDA performance for the period, and subsequent years.”
Under licence, Sambro International makes toys for brands such as Disney, Mattel, Hasbro and Nickelodeon.