Ann Summers CEO: “Government’s handling of Brexit is a complete car crash”

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Ann Summers CEO Brexit Boris Johnson
Ann Summers CEO Jacqueline Gold said she was “hugely disappointed” in the referendum’s result and that it has caused a lot of uncertainty
// Ann Summers CEO Jacqueline Gold tells Yahoo Finance UK she is “hugely disappointed” in the Brexit referendum’s result
// Gold says remaining in the EU is best for business & for the economy
// PM Boris Johnson has committed to the UK to leaving the EU by October 31, with or without a deal

Ann Summers chief executive Jacqueline Gold has expressed her anguish over the government’s handling of Brexit.

Gold, who has been at the helm of the lingerie and sex toy retailer since 1987, told Yahoo Finance UK’s Global Change Agents programme that she was “hugely disappointed” in the referendum’s result.

She said she believed remaining in the EU was best for business and for the economy.

She expressed that the government’s handling of Brexit is a “complete car crash”.

In 2016, Gold was one of more than 1000 signatories on a letter from business leaders backing the Remain campaign.

“People got sidetracked by other issues, which in my view aren’t as important,” Gold said.

She added that the Brexit outcome has created a lot of uncertainty.

“Retailers as a whole are resilient and they are very adaptable, they will adapt to change,” she said.

Meanwhile, newly-appointed Prime Minister Boris Johnson has committed the UK to withdrawing from the EU by October 31 – with or without a deal.

The BRC has previously warned a no-deal Brexit would be “a disaster for both consumers and retailers”.

Moreover, Gold said the “collapse of exchange rates and higher stock cost prices caused by the Brexit referendum fallout” had resulted in a £1.5 million loss in profits on a like-for-like basis for Ann Summers’ 53 week period ending June 30 last year.

Gold said she will remain focused on the retailer’s five-year strategy, which includes a store refit programme, web enhancements, and product innovation..

“If there are blips along the way that we are not expecting, as retailers do, we will deal with them,” Gold told the Global Change Agents show.

“I can’t say that I’m happy about the Brexit decision, I definitely am not, and I am concerned about the future, but I know that we will get through it.”

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