Hobbs' unveils £15.6m full-year loss

The troubled British womenswear retailer saw losses increase after a management change earlier this year, when former New Look executive Phil Wrigley joined Hobbs’ as chairman and Meg Lustman was appointed as new chief executive of the brand replacing Nicky Dulieu.

In the year to 31 January, the British label suffered a £15.6m pre-tax loss, up from £14m the previous year. Turnover rose, however, from £115.4m to £116.5m thanks to positive fourth quarter results.

But the management failed to turn around the company, which had shut nine shops and concessions, as it was hit by redundancy costs, spending £534,000, as well as £289,000 in legal fees over the last year.

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Written by Barbara Santamaria