A carpet and flooring company really wants us to write about bitcoin

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Worthing, 20th July 2023 – Flooring Hut, a forward-thinking online carpet and flooring retailer, announces its decision to include Bitcoin holdings on its balance sheet, embracing the integration of digital assets into its financial reporting. With this strategic move, Flooring Hut demonstrates its commitment to staying at the forefront of technological advancements and adapting to the evolving financial landscape.

Formed in 2015, Flooring Hut stocks a wide range of carpet, laminate and vinyl flooring solutions, and is obviously engineering the kind of publicity stunt that’s catnip for snarky blogs such as ours.

By diversifying its asset holdings to include Bitcoin, Flooring Hut embraces innovation and positions itself at the forefront of the digital economy.

According to Companies House filings, the privately-owned company has four shareholders and two employees.

Flooring Hut recognises the growing interest and demand from stakeholders, including investors, partners, and customers, who value transparency and progressive approaches to financial reporting. Including Bitcoin holdings on the balance sheet ensures that the company remains responsive to the expectations of its diverse stakeholders.

Its 2023 accounts showed a loss of £173,423 and cash reserves of £75,105, which at spot pricing is enough to buy 3.2 bitcoins.

David Greaves, CFO at Flooring Hut says: “Our decision to include Bitcoin on our balance sheet exemplifies our commitment to embracing digital transformation and being at the forefront of technological innovation. We recognise the potential of cryptocurrencies and their impact on the future of finance. By including Bitcoin holdings, we not only diversify our assets but also demonstrate our dedication to transparency and meeting the evolving expectations of our stakeholders.”

News of Flooring Hut’s endorsement of bitcoin follows an announcement on Tuesday that it would be “honouring the legacy of Nelson Mandela” through initiatives that combine “the principles of social responsibility with their expertise in flooring solutions.” On Monday it press-released the donation of a wall clock to K2 Leisure Centre in Crawley, West Sussex. Last week it highlighted the role that innovative flooring solutions play in Bastille Day celebrations. You get the idea.

JournoLink charges companies £80 per press release or a £119-a-month unlimited subscription to send us this stuff. Flooring Hut has presumably been making the most of the latter option.

Bitcoin was up 1.3 per cent to $30,401.81 at press time, probably on unrelated factors.

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— The Pulitzer Prizes in Journalism – how to enter