HoF swings to heady loss as Brexit hits sales figures
The deficit compares with a profit of £1.5m the year before and came as group sales fell 6.3 per cent to £787.8m in 2017.
The figures were released as part of a takeover of the firm by C.Banner, the owner of Hamleys.
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Hide Ad“The Brexit referendum and the UK’s resultant decision to leave the European Union and the terrorist attack in London, combined with a rapidly evolving retail market, produced a period of uncertainty and volatility that resulted in a difficult trading environment for the whole retail industry in the UK,” the firm noted.
The Chinese group plans to take a 51 per cent stake in House of Fraser if the chain pushes through a turnaround plan, set to include store closures.
C.Banner pointed out that the annual losses for the House of Fraser group included the start-up and operating costs of House of Fraser China. The store chain has Scottish roots.