£6m Paul Smith pay

DIRECTORS at Paul Smith have paid themselves £6.2m despite suffering losses of £1.3m last year.

The fashion company, owned by English designer and businessman Sir Paul Smith, said it was battling to remain relevant with customers as it reported sluggish 3pc growth in sales in the year ending June 30.

Profits of £4.8m the year before dived 83pc to a loss of £1.3m after it continued to make investments in its shops and the online business in a bid to turnaround the company.

The directors’ dividend, however, was down on the previous year’s £24.4m.

Founded in 1970, Paul Smith has 22 stores and concessions across the UK. Prices range from around £35 for a men’s gold lapel pin to more than £2,200 for a women’s suede trench coat.