Turnbull & Asser grew sales 7% and still lost more — the auditors doubt it can continue

The accounts for the year to 25 January 2025, published in February 2026, showed the Jermyn Street shirtmaker growing and bleeding at the same time. Revenue rose 7.4% to £9.99 million — described as 'organic, fully operative turnover' after the annual sales events were discontinued in 2023 — but the post-tax loss widened from £1.37 million to £1.73 million, and net assets fell from £5.89 million to £4.17 million.

The audit paragraph is the heart of the case. HaysMac noted a 'material uncertainty' over going concern, dependent on continued support from the ultimate controlling party — the Fayed family, owners of the house since 1986. Cash improved from £869,000 to £2.05 million, but only on the strength of a fresh £2 million shareholder loan. The business was solvent for as long as the family kept lending.

The money went into the estate and the product: the Davies Street boutique reopened in June 2024 after five years and covered its lease overheads within six months; a refurbished section of the 71 Jermyn Street flagship opened before Christmas 2024; a new ERP system went in; and the group secured 100% exclusivity with its mills. Alongside, chairman James Fayed bought 71% of Tricker's and merged the shoemaker's operations into Turnbull & Asser's in March 2026.

The shape of the case is a heritage house that sells more every year and loses more every year, kept alive by its owner's patience while it buys the assets of its own recovery.