Cambridge Satchel Company has reported a total loss of £1.4m for the year to 30 June 2018, despite its renewed overseas expansion programme.
The loss was 74% bigger than in 2016/17. Turnover slipped 4% to £11.2m and the leather goods company’s gross profit slumped 22% to £4.9m.
The disappointing results follow the company’s expansion into China. Since June 2018, it has continued to work on a Chinese website.
Cambridge Satchel Company was founded by Julie Deane a decade ago with just £600. In February it relocated its London flagship store to Covent Garden. It also has shops in Cambridge, Edinburgh, Brighton and Oxford.