Osborne & Little, the luxury wallpaper and furnishings company majority-owned by the Chancellor’s family, has seen losses widen amid difficult market conditions.
The international business, in which George Osborne owns a 15pc stake held in a blind trust, generated a loss before tax of £746,000 in the year to March, up from £268,000 in the prior year.
The loss, detailed in group accounts filed at Companies House, came amid largely flat turnover, with sales of £33.2m last year against £33.7m the previous year.
The company, which is run by Sir Peter Osborne, the Chancellor’s father, blamed the “poor worldwide economic climate” for the losses, as well as margin pressure as a result of higher costs.
The bulk of the brand’s sales – some 43pc – continued to come from the US, where it experienced a 3pc increase in turnover, but sales in the UK and Europe declined.As a result of the loss, no dividend was declared.
To cope with the headwinds, the business, which employs 203 people, increased its net borrowing, rising to £3.2m from £1.99m.
Osborne & Little was set up by Sir Peter, the 17th holder of a hereditary baronetcy, and his brother-in-law Anthony Little in 1968. Sir Peter is listed as the controlling shareholder.
Once public, the business, of which the Chancellor’s mother Lady Felicity Osborne is also a director, delisted its shares from the London Stock Exchange in 2003.
Despite the widening losses, however, the company has invested in new collections – including a joint venture with fashion designer Matthew Williamson – and has also focused on cost controls.
As a result, in a footnote to the March 2013 accounts, Osborne & Little said it returned to profit in the three months to June.
telegraph.co.uk
The international business, in which George Osborne owns a 15pc stake held in a blind trust, generated a loss before tax of £746,000 in the year to March, up from £268,000 in the prior year.
The loss, detailed in group accounts filed at Companies House, came amid largely flat turnover, with sales of £33.2m last year against £33.7m the previous year.
The company, which is run by Sir Peter Osborne, the Chancellor’s father, blamed the “poor worldwide economic climate” for the losses, as well as margin pressure as a result of higher costs.
The bulk of the brand’s sales – some 43pc – continued to come from the US, where it experienced a 3pc increase in turnover, but sales in the UK and Europe declined.As a result of the loss, no dividend was declared.
To cope with the headwinds, the business, which employs 203 people, increased its net borrowing, rising to £3.2m from £1.99m.
Osborne & Little was set up by Sir Peter, the 17th holder of a hereditary baronetcy, and his brother-in-law Anthony Little in 1968. Sir Peter is listed as the controlling shareholder.
Once public, the business, of which the Chancellor’s mother Lady Felicity Osborne is also a director, delisted its shares from the London Stock Exchange in 2003.
Despite the widening losses, however, the company has invested in new collections – including a joint venture with fashion designer Matthew Williamson – and has also focused on cost controls.
As a result, in a footnote to the March 2013 accounts, Osborne & Little said it returned to profit in the three months to June.
telegraph.co.uk
No comments:
Post a Comment