Savile Row tailor Gieves & Hawkes has said it is in a “weak” position after it continued to lose money last year despite rising sales.
Like-for-likes at the British business rose 2.9% in the 12 months to December 31. Turnover also increased, from £15.2million to £18million.
However, it made a £666,000 pre-tax loss, according to accounts filed at Companies House.
Retail sales were down 3.7% to £13m, driven by the closure of two standalone stores and two concession midway through 2013.
Wholesale sales increased 177.8% to £5m, owed to increasing demand in Greater China.
Since being bought by Hong Kong billionaires Victor and William Fung three years ago the business has refurbished its flagship store at 1 Savile Row.