May 2024
25 years as a specialist
It was not a given that SENG would become a large retail chain with 50 stores in Denmark and Sweden. Jørgen Staal was only 21 years old, when he and his business partner Bjarne Nielsen opened the first store under the name ‘SengeSpecialisten‘ on the corner of Lundingsgade and Ole Rømers Gade in Aarhus on May 1, 1999.
"It was very hard work in the beginning. We did accounting in the morning, sold beds during the day, and delivered them in the evening. Bjarne knew a bit more about operations because he had a higher business degree, but I had only completed a 1-year business course while I was an apprentice at Skjern Boligmontering. Fortunately, we also received some business guidance from an accountant, among others, and without it, SENG would probably not exist today," says Jørgen Staal.
Over the first few years, a significant debt was accumulated. But after following an accountant's guidance, SengeSpecialisten had been established as a joint-stock company which was crucial for the store's survival. Jørgen's parents had also guaranteed DKK 250,000 for his half of the joint-stock company which was not always easy for Jørgen. But one day, in 2004, Jørgen received a call from his bank manager.
"On the other end of the line, I could hear a piece of paper being torn. It was the guarantee obligation to my parents being torn up. After several years of hard work, we had finally restored the equity. It was a huge milestone, and from there the company really took off," says Jørgen Staal.
In the coming years, SengeSpecialisten opened several new stores, including in Viborg, Kolding, and Aalborg. And in the years leading up to the financial crisis, the market for premium beds was almost insatiable. However, the financial crisis hit hard and the market almost came to a standstill. SengeSpecialisten tried to invest its way out of the crisis with new store openings, but after the financial crisis, the market had changed.
So instead, to follow the company's growth strategy, SengeSpecialisten looked for an investor. This resulted in a partnership with Lars Larsen Group, who in 2014 bought the majority of shares in SengeSpecialisten.
Since then, the nationwide bed chain has acquired the bed store chain Sängjätten in Sweden, undergone a name change from SengeSpecialisten to SENG, acquired online retailer Sengetid, and received two Børsen Gazelle awards. Most recently, Jørgen has been appointed COO of SENG with responsibility for retail, HR, customer service, and expansion.
"I am very proud and humble to see that the store I opened 25 years ago has evolved so much, and that I can still be part of developing and expanding SENG," says Jørgen Staal.