Textile business warns of substantial loss
Textiles wholesaler and retailer, Leeds Group has provided a business update in light of the current Covid-19 pandemic.
It reports that its activities in Germany have been severely affected by the country wide lockdown imposed by the German government. In particular its wholesale business, Hemmers, has been considerably restricted and all retail shops within its subsidiary KMR have been closed until further notice.
As a result the directors are taking mitigating actions, including support from government schemes. However the business has warned that following announcing reduced trading in its half year statement on 3 February 2020, the Board expects to report a substantial loss for the financial year to 31 May 2020.
