Oliver Bonas sees profits fall as consumers tighten their belts
Oliver Bonas saw profits fall as middle-class consumers tightened their belts.
The retailer, which sells jewelry, office supplies and clothing, said its business was hit by high interest rates and the cost of living crisis.
Profit was £6.8m in 2023, down from £7.6m the year before.
Tough times: Oliver Bonas said the company was hit by high interest rates and the cost of living crisis
The company has more than 1,500 employees and 84 stores.
But despite the lower profits, revenue rose 18 percent to £136 million in 2023.
Timothy Hollidge, the company’s chief executive, said the start to 2024 had also been “stronger than expected”.
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