Pringle of Scotland investment pushes it to a loss
today Nov 1, 2017
Pringle of Scotland continued to make losses in the year ended 28 January, blaming its investment in the long-term development of the brand for a £4.9 million pre-tax loss.
The fashion company has struggled to turn a profit since it was sold off by Dawson International to Hong Kong firm Fang Brothers in 2000.
Despite the multimillion-pound loss, it was a slight improvement from the £5.09 million it recorded in the previous year.
In an accounts document filed with Companies House, the brand said: “The directors are not expecting to report operating profits in the short term, but are satisfied that the development of the brand and of the business are progressing in line with their long-term strategic objectives.”
The brand, which has a store on Mount Street in central London, said the development of its retail offering is an ongoing priority, but it is also looking at alternative distribution channels such as e-commerce and licensing.
Turnover for the year increased to £5 million from £4.37 million a year earlier, and the label said it was “satisfied with the financial position and future prospects of the company” as the ongoing financial support it receives from its parent company will help it continue its strategic plan.
Parent company Pringle Enterprises Ltd injected a £5 million into the Scottish brand during the financial year, and has provided a further £2.8 million since period end.
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