Bibby Line Group suffers near £66m loss amid global uncertainty

Liverpool-based Bibby Line Group – owner of the Costcutter convenience store chain – has suffered its first loss in 30 years.

Managing director of the family-run mini conglomerate Sir Michael Bibby has blamed Donald Trump’s shock election victory, uncertainty surrounding Brexit and a slump in oil and gas investment for a loss of £65.6m to December 31, 2016, from a pre-tax profit of £29.6m the prior year.

Total turnover was down from more than £1.4bn in 2015 to £1.2bn, driven mainly by a 36% slump in sales in Bibby’s offshore division to £264m.

Costcutter sales also fell by 10pc last year to £628m.

Sir Michael said in his report accompanying the accounts: “2016 was a year of upheaval and major change in the world with people around the globe expressing their dissatisfaction with the political elite through the ballot box, most notably with the Brexit vote in June and the election of Donald Trump as President of the USA.

“Along with the continued slowdown in China, tension in Russia and the ongoing military action in the Middle East, we are living through a period of uncertainty unprecedented in modern times with significant risks to global trade.”