The company also announced a spate of management changes. Brian Heilborn is made managing director of Jacques Vert (Retail), Peter Taylor, managing director of the wholesale division, is appointed to the main board as managing director, wholesale, and Paul Allen, group financial controller, becomes finance director-designate.
Shares in Jacques Vert, the clothing company, crashed 13p to 26.5p after it warned that results for the financial year to 3 May were likely to be significantly below market expectations. The retail division has performed below expectations despite a like-for-like sales growth of 18 per cent in the second half. However, the performance of concessions in House of Fraser stores has been "very disappointing".