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Turnbull & Asser receives investment as losses widen

Jermyn Street shirtmaker Turnbull & Asser has received a £1m equity injection from its owners after its losses widened to £1.2m in the year to February 2018, from £1.1m the year before.

Revenue was up 3.2%, but the company did not give a figure. It said the growth was lower than expected as it was forced to discount excess stock.

The new financial year has shown promise, it added, with first half profit coming in ahead of target despite a slowdown in sales.

However, the brand warned that the second half would prove difficult, adding: “The general trading environment was tough last year and continues to be so.”

Founded in 1885, Turnbull & Asser is today owned by Ali Fayed, the younger brother of former Harrods boss Mohamed Al-Fayed, and his sons.

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