Terrorism and flood send Foyles into red
IT survived two world wars, thefts and strikes but the drama never stops for bookshop Foyles. Terrorism and flooding plunged it into the red last year.
Accounts just filed by the 115-year-old W&G Foyle reveal the company made a pre-tax loss of £88,800 in the 12 months to June 30, 2017 despite sales growing 6 per cent to £26.6 million.
Best known for its former flagship branch in Charing Cross Road, Central London – once listed as the world’s largest bookshop with 30 miles of shelving – it moved its main store a few doors along in 2014.
The company has other branches in London, Birmingham, Bristol and a newly opened shop in Chelmsford, Essex.
The directors said heightened fears of terrorism and subsequent extra security measures meant fewer customers at its key locations.
A flood in Charing Cross Road meant the shop was closed during a peak trading period and a hike in business rates added an extra £70,000 to costs.
The firm expects a recent restructuring to bear fruit in this financial year.