Asprey loses pounds 9.8m as the rich spend less
Friday 30 June 1995
Asprey's figures were so bad that its third-largest profit contribution came from its pawnbroking division, a sad sign of the times.
The company's flamboyant chief executive, Naim Attallah, who steps down at the end of next year, was still in bullish mood yesterday, saying the company would fight back and the recession could not last forever.
Wearing his trademarks - odd socks and wild tie, together with a gold ring on his little finger and what looked like a diamond stud in his lapel - he said: "I can't change the recession but people are scouring the world for customers, whereas the customers used to come to us. Money doesn't disappear. No one puts it in a sack and burns it, it just changes hands in different ways. We need a break."
Mr Attallah said the Asprey family, who still own 50 per cent of the shares, intended to maintain a stock market listing despite rumblings that they might choose to take the company private. "Nothing is impossible, but as far as I'm concerned they still want to be on the stock market."
The family has lost a fortune as a result of the collapse of Asprey's share price, which has plunged from 430p in 1990 to 73p yesterday. The value of the family's stake has fallen from pounds 175m to pounds 30m.
Asprey's problems are spread throughout the group, principally with stock, where the company has made provisions of pounds 14m. The main Asprey store on Bond Street saw sales slump by nearly 20 per cent. Mappin & Webb made a loss of pounds 397,000 while Watches of Switzerland lost pounds 661,000 and Les Ambassadeurs pounds 331,000.
Mr Attallah has already announced a store closure programme but warned that more could close if they did not return to profit. Half a dozen were making marginal losses and would be given two or three years to edge into the black.
He said the company planned to continue broadening its customer base.
- 1 Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
- 2 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 3 The Simpsons death: Creator Al Jean would 'kill himself' before character like Homer or Lisa
- 4 British man raped while urinating in bushes at Oktoberfest beer festival in Germany
- 5 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
Isis an hour away from Baghdad - with no sign of Iraq army being able to make a successful counter-attack
British man raped while urinating in bushes at Oktoberfest beer festival in Germany
George Clooney and Amal Alamuddin wedding: The famous congratulate actor and human rights lawyer after Venice nuptials
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
'Women, walk wherever you want' posters taken down in Stamford Hill following 'unacceptable' signs separating men and women
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
- < Previous
- Next >
iJobs Money & Business
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...
£300 - £330 per day: Ashdown Group: SQL Developer (Stored Procedures) Watford...