JACOB & Turner, the Glasgow-based outdoor clothing manufacturing company owned by the reclusive Khushi brothers, has revealed its largest-ever profit.
On turnover of 40 million, the company, which owns outdoor clothing label Trespass, made a pre-tax profit of 11.4m in the year to 30 June 2005. Created in 1984, Trespass initially catered solely for the ski market, but has since been extended to other outdoor clothing.
Established in 1938, Jacob & Turner originally made outdoor and working clothing. The company was bought in the 1960s by the Khushi family, with brothers Afzal and Akmal now the outright owners. The brothers consistently appear on lists of the UK's richest Asians, with an estimating combined fortune of 75m.
The family was unavailable for comment yesterday.
In 2003, directors shared 6.4m in emoluments, including 3.1m to the highest-paid director, presumably managing director Afzal. However, since 2004 when the company spent more than 8m on capital development, payments have been reduced sharply, with the highest-paid director taking just over 110,000 in 2005.
In 2005, turnover fell, by just under 400,000, the first drop in at least a decade. However, reduced expenses gave a pre-tax profit almost 900,000 more than the previous period.
The entire 7.8m final profit was transferred to reserves, after the company spent heavily on capital expenditure in 2004.