OT Group reported a pre-tax loss of £52.5m in 2023, attributed to a sustained period of difficult trading conditions stemming from decreased demand for office supplies.
The review of operations, prompted by low office occupancy rates and new working practices, indicated that the current oversupply in the office supplies market is unsustainable.
The group's turnover fell from £120.8m to £109.8m, and their workforce decreased from 553 to 529, highlighting the impact of the work-from-home trend.
OT Group plans to sell Office Depot UK and Ireland, as well as other businesses, due to ongoing challenges linked to changing office supply demands post-Covid.
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