HARRODS LIFTED BY FALLING POUND

SHOPPERS spent £2.1bn at Harrods during its last financial year as the pound’s fall triggered a stampede of foreign buyers seeking luxury goods.

Total transactions for the 12 months to January 28 were up 23.3pc on the previous period. Sterling’s drop after the Brexit vote was a giant price cut for the rich foreigners drawn to London.

The city racked up 19.1m vis- its from overseas last year – and the Harrods department store, founded in 1849, is a top attraction. It made a profit of £233.2m, up 38.8pc.

Harrods, which is owned by Qatar’s sovereign wealth fund, paid out £110m in dividends and handed £3.6m to its directors. It paid £6.9m of UK corporation tax, down from £19.2m a year earlier.

The firm said performance was particularly boosted by tourists from China.

Finance chief John Edgar said: ‘Every year seems to be a record year for us at the moment and long may it last.’

The firm said: ‘While the business witnessed a robust start to the year, there was a substantial positive impact seen in demand from its overseas customers after the weakening of the British currency.’