The high-end jacket maker Belstaff (owned by Sir Jim Ratcliffe) keeps struggling with its finances‚ showing a big £18m loss as sales dropped to £57.6m this year; auditors say the company needs more money from its rich owner
The brand which sells fancy leather jackets (some costing more than £2000) hasnt made any profit since Ratcliffeʼs company Ineos bought it about seven years ago. Grant Thorntonʼs experts point out that without a clear promise of support from Ineos‚ theres serious doubt about the companys future
The money situation looks tough – Belstaff owes £140m to Ineos thatʼs due pretty soon; plus theres another £179m in other loans. Even though its not looking great the companys leaders say Ineos will keep helping out and wont ask for old loans back right away
The story of this British brand goes back to early 1900s when Eli Belovitch started selling water-proof stuff in Staffordshire: from simple fabric items to motor-cycle gear. When Ratcliffe bought it from JAB Holdings (who owns places like Pret a Manger)‚ people thought it was kind-of random – but some said it might help with his car-making plans. Speaking of cars: his auto factory just stopped working last month cause of supplier problems