AO World boss John Roberts blasts ‘wasted’ money on no-deal Brexit planning

John Roberts, who recently swooped back in to take the helm after a two-year hiatus, said the group had invested heavily and has “done everything we can” to prepare for a chaotic Brexit, both in the UK and Germany, where it launched in 2014.

But the no-nonsense northerner told said that the cash could have been better spent elsewhere.

He said: “We feel very ready and have spent a lot of money. I’d class that as wasted a lot of money.”

Mr Roberts added: “We could have invested that money on much (more) positive things.”

The retailer - which imports the majority of its electrical goods - recently confirmed it has boosted stocks of its most popular products by around £15m in the past three months to prepare for Brexit.

It came as the group also warned it was likely to slump to an underlying loss for the year to March 31.

Mr Roberts jumped back into the hot seat in January after chief executive Steve Caunce quit to “step back to a less demanding business role”.

The Bolton-based firm has been battling against tough markets in the UK and Germany and slumped to an £11.7m operating loss for the six months to September 30. Mr Roberts said Brexit had “without a shadow of a doubt” been a significant factor in recent trading challenges.

He said the market is down by at least 15 per cent, having been hit hard since the EU referendum nearly three years ago.