Heritage toy retailer Hamleys has recorded a 55 per cent slump in full-year pre-tax profits, primarily due to the cost if its takeover by Chinese company C.banner International.
According to documents lodged at Companies house, Hamleys‘ pre-tax profits dipped to £761,000 compared to £1.7 million previous year, while its full-year sales also fell by 16.7 per cent to £56.6 million.
The retailer shelled out around £1 million on fees during C.banner International‘s £100 million takeover of the heritage British brand 12 months ago.
Earlier this month, Hamleys opened a brand new, four-storey super store Beijing, the first of 100 shops the new owners plans to open across China.
Hamleys dates back to 1760 when William Hamley opened the Noah‘s Ark store and is best known for its flagship on London‘s Regent St.#