Profits drop at luxury shoe maker as it faces Brexit ‘challenge’

Loake Brothers, the Kettering-based high-end shoe manufacturer and retailer has said that uncertainty surrounding Brexit “represents a challenge” as it revealed its profits dropped by £884,000 for the year ending 2 March.

The firm posted profits of £2.3m for the year, with revenues rising 5% to £24.3m.

A statement signed off in its latest accounts saw Loake Brothers brand the economy “mixed” and the high street “challenging”. During the year, the company opened shops in Birmingham and Lime Street, London.

At the end of its financial year, Loake Brothers, which was established in 1880, employed 155 staff, up from 146 in 2017.