No bidders for speciality retailer as sales slip
Like-for-like sales at Whittard of Chelsea nudged ahead 0.5 per cent in the year to May 2005, but pre-tax profits slumped 29 per cent to£2.35 million. Turnover was£46.1 million, up from£42.1 million the previous year.

Overseas and UK wholesale sales rose to£2.9 million from£1.6 million last year. Whittard opened 13 shops in the UK and relocated two outlets.

The retailer's UK sales in the first quarter of the financial year to August 28 were 1.2 per cent ahead, compared with the same period last year, but like-for-like sales were down 4.1 per cent

Whittard is no longer in talks with potential suitors over the sale of the business. The recent terrorist attacks in central London put off potential overseas buyers, while talks with possible UK suitors are no longer progressing, said chairman Richard Rose.

'Growth in our UK retail trading turned down during Christmas last year and the UK retail environment is challenging, which is having an adverse effect on our ability to grow like for like sales,' he admitted.

'Trading in the company's central London and tourist stores has been materially affected since the July attacks. The board now believes this situation is likely to continue for some time and may even adversely affect sales during the important Christmas period.'

Whittard chief executive Mark Naughton-Rumbo said: 'Given the tough trading conditions, no new shops are being planned at present. This strategy will be resumed once we see an improvement in market conditions.'

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