Austin Reed boosted by private ownership

 

Clothing chain Austin Reed has announced a strong start to its private ownership, with underlying annual profits increasing to £8.3 million from £4.4 million the previous year. Despite tougher trading conditions, the group reported an increase in UK sales to £106 million, and a significant increase in its online sales in the year to January 31st. The company was acquired by Guy Naggar and Peter Klimt of corporate finance group Dawnay Day in January for approximately £49 million.

 

 

Martin Huckle