Write-offs hit profits at Henley’s

MANCHESTER fashion firm Henley’s Clothing saw strong sales growth in the year to March but higher costs and a £2m write-off dented profits.

Newly filed accounts show profits fell from £4.8m to £2.1m during the year despite a sharp 22% rise in sales to £41.5m.

This was largely down to a £2m cost described as “written off investments” in the accounts.

The accounts also reveal that founder Ben Luscombe saw his pay package surge from £6m to £10m in the year.

In their report the directors said: “Considering the current global economic uncertainty, the directors feel that the recent year’s growth may plateau and have confidence they are well positioned to continue trading at current levels in the UK while building brand awareness in the UK and international markets over the coming year.

“The company’s underlying strength is reflected in its financial performance for the year under review.”

Henley’s employed 90 staff during the year, up from 63.