Property sales put Liberty back in the black
Thursday 22 April 1999
Pre-tax, Liberty achieved a profit of pounds 152,000 in the full year to January, thanks to pounds 2.4m from the property division and discontinued businesses. But at the trading level, operating losses increased from pounds 462,000 to pounds 712,000 last year.
Separately, the company announced a new pounds 23m banking facility with Barclays, including a pounds 16m loan to continue improvements at the London store.
Michele Jobling, managing director, said that after a difficult year the company was now turning the corner. "Although much remains to be done, the new management have worked to establish a solid foundation on which to build over the next several years," she said.
A new advertising campaign will be launched in the autumn alongside a cost drive to reposition the business for the future.
Having thrown out the pounds 43m redevelopment programme put forward by the previous board, which was removed in 1997, the new team is pressing ahead with a pounds 10m overhaul of the flagship mock-Tudor building. New lifts and better lighting will be introduced to entice more shoppers to the upper storeys.
More concessions selling branded goods will be introduced and a mail- order catalogue will be produced in the autumn. The company is also looking at selling goods on the Internet.
- 1 California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
- 3 School kitchen manager 'fired from Colorado school for giving hungry students free lunches'
- 5 Charles Kennedy 'had better judgement drunk than many sober politicians' says Ian Hislop
California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
Amber Peat: Body found in search for missing 13-year-old who left house after argument with her parents
School kitchen manager 'fired from Colorado school for giving hungry students free lunches'
Alton Towers closed after horror crash on The Smiler raises safety questions for theme park
Alton Towers crash: Four guests seriously injured as Smiler ride carriages collide
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Church of England 'one generation away from extinction' after dramatic loss of followers
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...