Boss of Beaverbrooks urges government to give businesses ‘a bit of a break’
Summary
The boss of Beaverbrooks, a family-owned jeweller, urged the government to stop increasing business costs amid falling profits and flat sales. She highlighted the impact of higher employer national insurance and minimum wage on retailers and called for policies that boost consumer confidence and support economic growth.Key Facts
- Beaverbrooks reported a 9% drop in underlying operating profit to £7.8 million last year.
- Sales slightly fell by 0.1% to £217 million, with 56 Beaverbrooks stores and other outlets.
- Increased employer national insurance contributions and minimum wage raised costs for businesses.
- Beaverbrooks continues investing in stores, staff, online services, and new products despite tough market conditions.
- The company recently opened a fourth Loupe watch boutique and plans to revamp other stores.
- The managing director asked the government not to add more taxes and to support consumer confidence in the upcoming budget.
- Other retailers like JD Sports and John Lewis have also expressed concern about rising business costs and their impact on hiring and technology use.
- The government is considering changes to energy subsidies and tax policies to manage financial pressures.
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