Profits dip at textile group Ruia
PROFITS at Ruia Group, the North West bedding to clothing group slid from £1.8m to £312,521, newly-published accounts reveal.
The family-owned textile group, which is behind retail chain Sock Shop, bedding brands Belledorm and Richard Howarth and the clothing businesses Five Gold, Drew Brady and golf specialist Glenmuir described the figures as being in line with forecasts.
No explanation was given for the fall in profits, although as a major importer the weak pound is likely to be a factor.
A statement accompanying the accounts for the year to April 30 said: “The directors are satisfied with the results for the period and the year-end balance sheet position. The group returned results in line with management expectations.”
Sales fell from £45.4m to £41.2m, while staff numbers fell from 322 last year to 290.
Ruia Group, which is based at Kearsley Mill, a 240,000 sq ft Victorian mil in Radcliffe, owns the sock and hosiery licence for Elle, sock and underwear licences for Pringle, Farah, Jeff Banks and Jeep.
The Sock Shop, which was acquired out of administration in 2006, has sites at a number of airports, while bedding brand Belledorm recently opened a shop at the Lowry Outlet Mall in Salford.
The accounts reveal the highest-paid director earned £974,336 in the period.
The group saw its interest payments reduced by half, from £893,055 to £430,493.
Group borrowings, including bank and directors’ loans, were unchanged at £15.7m.
In July TheBusinessDesk reported that Ruia’s long-term banker HSBC had secured a charge over the company’s property assets.
