Blue Inc stems losses

Blue Inc parent A Levy & Son said it managed to stem its losses in the recent financial year. The company, which recently rebranded its stores from Mr Byrite to Blue Inc, managed to reduce its loss on ordinary activities before tax from£100,274 to£88,695 in the year to April 30 last year. Turnover during the period rose from£330,000 to£19.4 million.

In a statement, the retailer said: 'The directors are confident that the group will return to profit in the near future by pursuing the existing policy of opening stores where thought to be profitable.'

Last October, the retailer, which operates 30 UK stores, said it was on the hunt for venture capitalist investment to finance the expansion of its store portfolio. It is understood that Blue Inc is also keen to develop its own-label women's shoes. In April last year, the retailer announced it wanted to open another 20 outlets by the end of the year, but this expansion has not yet started.

Separately, on July 23 last year, A Levy & Son demerged its investment in subsidiary computer constultancy Network Path.