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Belstaff dependant on billionaire owner for survival

By Huw Hughes

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Business

The future of Belstaff is reportedly dependant on its billionaire owner Sir Jim Ratcliffe after the British heritage brand posted a 48 million pound loss last year.

The brand could struggle to survive without financial aid from Belstaff’s parent company Ineos, the company’s auditor KPMG said, according to The Telegraph. UK multinational chemicals company Ineos is owned by Sir Jim and bought Belstaff back in 2017.

Accounts filed with Companies House this month revealed that the 110-year-old firm’s losses narrowed to 48 million pounds in 2018, compared with 62 million pounds the year before.

Sales in the same period slightly dipped from 31 million pounds to 30.5 million pounds following the closure of the brand’s Westfield shopping centre store in London.

As of December 31 2018, Belstaff’s debt rose to more than 147 million pounds, with 126 million pounds of that owed to Ineos as part of intercompany loans.

Photo credit: Belstaff, Facebook

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