The Conran Group, which owns furniture business The Conran Shop, has made a pre-tax loss of £7.9m compared to £1.1m last year.

The loss was partly attributable to the costs of closing a store in New York, where it is instead opening a concession in renowned furniture store ABC.

The group, which is owned by Sir Terence Conran and also includes architecture and design practices, is shifting its focus to the Far East. A new store is being built in Kuala Lumpur and a new franchise agreement has been signed in Japan.