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Happit's woes continue with another £1m loss

07
Sep '06
Happit retailer chain owner Castleblair has reported another seven-figure trading loss after the closure of its last Scottish factories two years ago.

Castleblair posted a pre-tax loss of £1.05m in the year to October 31, 2005 in addition to a deficit of £7.40m reported in the previous 18-month period.

A £322,256 one-off gain arising from an "earnout" relating to the sale of a business slightly lessened the exceptional loss of about £400,000 related to the ongoing restructuring.

At the operating level, a loss of £408,846 was reported from continuing operations in 2005.

The company claimed that it was satisfied with progress made since the July 2004 closures, which cost 400 jobs at plants in Dunfermline and Glenrothes.

The group, owned by the Harris family since 1916, now has 70 chain stores which mainly sell women's wear and children's clothing as well as home wares.


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