Belstaff, owned by billionaire Sir Jim Ratcliffe, reported an £18.3m loss in 2023, continuing financial struggles with six consecutive years of losses since Ineos acquisition.
Auditors from Grant Thornton identified significant risks to Belstaff's financial viability, noting a lack of formal financial commitment from owner Ineos as a material uncertainty.
Despite having luxury prices and a storied history, Belstaff's sales declined by 4% to £57.6m in 2023, highlighting ongoing challenges for the brand.
The company's directors indicated informal assurances of ongoing financial support from Ineos, although substantial debts amounting to £319m raise concerns about its sustainability.
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