Ineos capital assets to help Belstaff pay off increasing debts

I debiti di Belstaff crescono: servono i capitali di Ineos

Belstaff debts keep going up. Not all is lost though. The Telegraph, a British daily newspaper, has reported the news. Allegedly, the English brand, well known especially for leather apparel, specifically directed at bikers and flight pilots, ended 2018, as well, with a negative balance. For the records, at the end of 2017 their turnover liabilities already amounted to 63.12 million pounds.

Belstaff debts are increasing

In 2017, British Ineos, led by Sir Jim Ratcliffe, bought out Belstaff, formerly controlled by Jab Holdings, a German group. Looking at Belstaff financial statements, at the end of the year their loss supposedly reached 48 million pounds. As reported by The Telegraph, sales slowed down after the shutdown of one of their stores in London. Revenues have been decreasing, from 31 million pounds down to 30.5 million pounds.

What is their outlook?

If figures, made public by the British daily newspaper, proved correct, the brand’s business performance would keep being rather worrisome. The good thing, anyway, is that losses are declining. That is why British press assume that Ratcliffe might ask Ineos holding for an additional financial support. As highlighted by retailgazette.co.uk, “on 31 December 2018, Belstaff debts had reached over 147 million pounds: Ineos was accountable for 126 million of them”. Furthermore, at the same time, KPMG auditor stressed the fact that Ineos “do not have to abide by any contractual obligation with regard to further financial support”.

Picture taken from Belstaff

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