Charity pushes Beaverbrooks into the red

CHARITABLE giving by Beaverbrooks, the North West jewellery retailer, contributed to it recording a pre-tax loss, according to the latest accounts.

The company donated £5.4m during the year to the Beaverbrooks Charitable Trust, up from £3m in the prior period.

This left it with a pre-tax loss of £486,000 in the 53 weeks to March, down from £1.7m last year. Sales grew 10% to £94.3m from £85.8m.

The group, which is still controlled by the founding Adlestone family, has been long-committed to charitable works and routinely features in lists of the best companies to work for.

In their report the directors said: “There has been continued investment in, and development of, the website during 2013 and this will continue in the forthcoming year as the internet continues to become an increasingly important past of the company’s activities.”

They added: “In common with many other retailers, there is still a great deal of uncertainty concerning both consumer confidence and the rate of recovery of the UK economy in the forthcoming year, and the directors are of the opinion that the next financial year will again be very challenging.”

Shareholders’ funds stand at £56.3m and the company has nearly £17m in the bank. The group has nearly 800 staff and around 60 shops.