Designer brand Matthew Williamson Holdings slipped £1.4m into the red in 2008, according to reports.
Matthew Williamson Holdings made a £1.4m pre-tax loss for 2008, while sales grew 9% to £8.7m. The firm made an £83,582 pre-tax profit the previous year.
According to The Sunday Express the business attributed the loss to the impact of the global recession on the luxury goods market and the cost of opening new stores in America and Dubai.
The accounts also warned that 2009’s performance is “expected to be tough as wholesale budgets are cut and accounts fall into administration.”