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Aquascutum’s losses grow as turnover increases

Net losses at Aquascutum have increased by 76% to £6m for the year to March 31 due to the cost of opening two new stores.

Turnover at the firm jumped 52% to £10.3m year on year thanks to “considerable growth” in wholesale. The UK market made up the bulk of sales, £9m up from £6.4m.

Retail turnover for the period was £7.4m, up from £6.1m. Wholesale sales were £2.9m up from £634,000 in 2014.

The business said the wholesale channel will continue to grow in its current territories as well as in new EU markets.

It added that the UK market remains “highly competitive” and, while it is showing some signs of improvement, the economy remains uncertain.

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