Wolsey continues recovery as it reduces operating losses

By

Barbara Santamaria

Published
Feb 24, 2017

Heritage menswear label Wolsey has reaffirmed its progress towards recovery after posting a reduction in operating loss for the year ended 29 February 2016.

The British retailer and wholesaler of men’s clothing and accessories said operating loss for the period was £1.95 million, compared with £3.1 million in the previous year.

“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”, said the firm in a document filed at Companies House.

The improvement was achieved despite a 33% drop in revenue to £3.65 million.

In light of the company’s current financial position, a loan due to the Hargreaves family, which owns Wolsey, will not be requested for repayment for a period of at least 12 months.

The Hargreaves family provided a letter of support to the company and said they would provide further financial support if required.