SoHo and personal stationery retailer Ryman has posted a loss of £8.5 million for Y/E March ’21 as compared with its £7.8m profit for the previous year. The retail chain had been impacted by a drop in student, business and city centre trading, but is forecasting a return to profitability in its current financial year.
Other group brands operated by Theo Paphitis, Boux Avenue and Robert Dyas had performed considerably better and in its trading update Paphitis said: “We are pleased with the performance and progress in the financial year ended March 2021 and inevitably the pandemic has affected our brands in different ways, with Boux Avenue and Robert Dyas making excellent progress in this last year.
Adding: “The strength of our eCommerce trading masks the much more challenging store environment, in particular in city centres and prime locations, where business rates are unfairly high.”
Paphitis has, along with other retailers, called on the government for a reduction in business rates.
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