Fonehouse is set to open a new store in Woolwich this month to take its total to 20. Bayley said he would pursue a growth strategy, but only one store at a time.
“Over the coming months, we want to get the next few stores absolutely right. We will be very cautious because it’s a very tough market at the moment,” he said.
“We’ve closed all the stores we need to for the moment, so we’re only looking at further expansion of our store portfolio in London.”