Head of­fice fees sink Crew Cloth­ing prof­its

The Sunday Telegraph - Money & Business - - Business - By Ash­ley Arm­strong

CREW Cloth­ing, the Bri­tish re­tailer famed for its nau­ti­cally-in­spired clothes, lifted sales by al­most 6pc last year while its losses swelled af­ter splash­ing out on its head of­fice.

The ca­sual fash­ion brand re­ported £58.3m of sales for the year to Oct 30 2016, com­pared with £55m in the pre­vi­ous year, af­ter strong on­line sales and in­vest­ment in its prod­uct ranges.

How­ever, earn­ings be­fore in­ter­est, tax, de­pre­ci­a­tion and amor­ti­sa­tion fell by 18.2pc to £2.4m, while pre-tax losses grew from £2.5m to £2.9m on the back of an in­vest­ment in its head of­fice in south-west Lon­don. Alas­tair Park­er­swift, the Crew founder and chief ex­ec­u­tive, said that a sig­nif­i­cant chal­lenge was “at­tract­ing new and re­tain­ing ex­ist­ing cus­tomers in a very com­pet­i­tive and pro­mo­tional re­tail en­vi­ron­ment”.

He added that “a pos­i­tive eco­nomic and favourable leg­isla­tive en­vi­ron­ment is key to the over­all suc­cess of the re­tail sec­tor in the UK and as a con­se­quence that of Crew Cloth­ing”.

Many re­tail­ers have called for a longer tran­si­tion pe­riod in Brexit ne­go­ti­a­tions to al­low busi­nesses to adapt to trade duty or em­ployee changes that they may have to make.

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