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Wolsey sales fall in ‘challenging’ year

Sales at men’s heritage brand Wolsey and its stablemate sportswear label Morley fell 32.7% to £3.7m for the year ended 29 February 2016 compared with the previous year. 

However, the firm narrowed its losses from £3.1m in 2015 to £1.9m last year.

Managing director Danny Brown left the business in February last year. Eric Deardorff was appointed as a replacement on 14 March but left on 9 November. 

“The year has been challenging but has seen a significant reduction in the company’s operating loss and the directors believe that the company has made the necessary progress in the development of the business,” wrote Debra Dooley, who became a director on 24 August 2016, in a filing at Companies House.

The group, which is owned by Jamey Hargreaves, son of Matalan founder John Hargreaves, had net liabilities of £14.5m during the period, up from £12.5m in 2015.

Loans of £11m due to the Hargreaves family will not be due for repayment until the business is able to afford repayment for a period of at least 12 months, the documents said.

The ultimate owner, the Hargreaves family, has provided a letter of support for a period of at least 12 months to enable the company to trade as a going concern, if required.

 

Readers' comments (2)

  • Sorry to see the sinking of the once famous brand. Trajic

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  • Wolsey only have themselves to blame. Dropped almost their entire customer base to go on an self inflicted ego trip with the inevitable consequences. They had a really good base to work from a few years back to move the brand forward, but didn't have the application so not surprised to see where it currently is.

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