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Austin Reed's woes underlined by £5.4m loss

Troubled shirtmaker Austin Reed more than quadrupled its pre-tax losses to £5.4m in the year to January 31, shortly before it entered a company voluntary arrangement.

Companies House filings show it made a loss of £1.3m loss the previous year.

Turnover at the business, which also runs the Viyella and CC womenswear brands, fell 7.8% to £100.5m.

Austin Reed said the loss was caused by the closure of 20 stores during that period. Its website now generates more revenue than its 166 stores, some of which continue to make a “significant” loss.

In February Austin Reed’s creditors approved plans to wind up trading of an additional nine Austin Reed and 22 CC stores as part of the CVA. Most of those have now closed.

In August the business appointed property agents to sell its 35,000 sq ft Regent Street flagship. It is understood a sale is likely be completed in time for a new tenant to move in by Christmas.

Readers' comments (3)

  • A slow death.

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  • darren hoggett

    Austin Reed has hit the nail on the head - The website is generating more revenue than its store, so go figure. Big hint there. If it has ANY chance of survival - Get out of the high street, you don't need to be there.

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  • Its time to leave the Street while you can!
    They have a wonderfull Brand Viyella and it does so little, they have AR doing so little so get out while the going is good. To do what who knows!!

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