Losses widen at shirt-maker Austin Reed
Losses at Austin Reed widened last year after a torrid trading period that resulted in the retailer closing 31 stores to pay down debts.
The 114-year-old tailor, which counts International Monetary Fund chief Christine Lagarde among its customers, posted a £5.4m loss in the year to 31 January, compared with a £1.3m loss the previous year.
Turnover dropped by 7.8 per cent to £100.5m from £109m last time, accounts filed this weekend on Companies House show.
The company blamed the fall in sales on the closure of 20 stores during the year and said its website was now generates more revenue than its physical stores.
Austin Reed closed around 31 of its stores earlier this year as part of the restructuring, which also saw its owner, Darius Capital, inject £3m into the business.
The company, which currently has around 166 stores, also plans to move out of its flagship on Regent Street after Morning Wire revealed last month that it has put the lease for the 35,000 sq ft store up for sale.