August 11, 2022

Household behind River Island trend enterprise sees worth of its investments rise, regardless of disruption prompted to their retailers by Covid lockdown

Rising: The household behind River Island has seen its fortune go up by £30million

The household behind the River Island trend enterprise has seen the worth of its investments rise, regardless of disruption prompted to their retailers by the Covid lockdown. 

Accounts for the Lewis household’s firm reveal the property are price £964million, a £30million enhance on the prior 12 months. 

Its pursuits embrace a luxurious resort in Florida, and a property division that manages and develops property throughout Europe, the US, Caribbean and Thailand. The group additionally invests in non-public fairness funds and takes stakes straight in non-public firms. 

The River Island retail chain is run as a separate enterprise and never included within the worth of the investments. 

The latest paperwork for River Island present it plunged right into a loss in the course of the pandemic. 

Short-term store closures on account of Authorities restrictions had a ‘materials influence’ on the enterprise, bosses mentioned. 

The household funding firm, referred to as L51N – a reference to the latitudinal place of River Island head workplace in West London – mentioned it’s optimistic in regards to the future. 

However L51N solely paid a dividend of £600,000 to its shareholders within the 12 months to December 2021 – the identical because the 4 earlier years and much lower than 2016’s £100million payout. 

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Round 40 members of the family, together with founder Bernard Lewis, 96, are in a belief which is a significant beneficiary of the investments and dividends.