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Beaverbrooks seeks pause on cost increases after profit slips

The jeweller said underlying operating profit fell 9.0% to £7.8 million, citing higher employer national insurance contributions and the legal minimum wage.

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Beaverbrooks, the family owned jeweller, urged the UK government to “give business a bit of a break” by halting cost increases after it reported a decline in profitability and flat demand conditions.

The company said its underlying operating profit fell 9.0% to £7.8 million, following higher employer national insurance contributions and the legal minimum wage introduced by former chancellor Rachel Reeves.

Beaverbrooks, which operates 56 of its own stores, reported total sales slipping 0.1% to £217 million, and its managing director Anna Blackburn said the performance compares positively with what the jewellery industry is indicating.

The Guardian Business reports the company is calling for relief as retailers look ahead to the October budget.

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