Harrods boss warns on Corbyn as profits dip

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Harrods boss Michael Ward warns on Jeremy Corbyn as profits dip
Harrods not only depends on sales from tourist customers more so than domestic shoppers, it has been owned by Qatar Holdings since 2010.
// A Jeremy Corbyn-led government would lead to exchange controls being reintroduced, Harrods MD suggests
// Michael Ward fears this would stop the flow of money overseas
// His comments in The Times comes as Harrods’ profits dipped last year

Harrods’ boss has expressed concerns that a government with Jeremy Corbyn as PM could lead to overseas cash flow restrictions, hence deterring wealthy tourist customers.

Speaking to The Times, the iconic department store’s managing director Michael Ward said a Corbyn-led administration would lead to exchange controls — government-imposed restrictions on the movement of currencies — being reintroduced to stop the flow of money overseas.

Exchange controls were last abolished in the UK in 1979 under the Margaret Thatcher administration.


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Harrods not only depends on sales from tourist customers more so than domestic shoppers, it has been owned by Qatar Holdings since 2010.

The Qatari-government owned company has since made more than £900 million worth of dividends, which includes the £125 million it banked in 2018.

Ward also told The Times that Harrods experienced a slip in full-year profits due to a shorter accounting year coupled with a major refurbishment investment in its world-famous Knightsbridge flagship.

Harrods’ pre-tax profits reportedly dropped three per cent to £171.6 million in the year to February, while sales edged up from £862.8 million to £868.5 million.

Ward said Harrods had spent £64.1 million in the past year, which was 17 per cent more than in the previous 12 months.

This was spent on overhauling and doubling the space of the flagship store’s beauty hall, renovating its historic food halls, and creating a whole floor to men’s clothing and sportswear.

Harrods’ refurbishment works is ongoing and forecast to be complete within 18 months.

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4 COMMENTS

  1. This country is over run by toxic right wing media off course they hate Corbyn he cares for us working class people… shame the wealthy selfish will have to shop less and pay more taxes welcome to our world

  2. As they need to save Airport business as well. Due to business is not doing well. Airport business is a Shamble. Staff turn over is high then expectated. Only care about the fat cats and there bonus. Shame they dont think about the staff. The staff in airport did not Get overtime pay for chirstmas as they did not make budget for 2018.this is a shame from senior management team in the Airport. They only care about there fat cat bonus. They have lost very good Manager and staff. Why they dont ask question what is going on in Harrods business in the Airport.

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