Textile business the Leeds Group warns of substantial loss

The textiles wholesaler and retailer, the Leeds Group, has warned that it expects to report a substantial loss for this financial year.
The coronavirus pandemic has caused widespread disruption to life across Europe.The coronavirus pandemic has caused widespread disruption to life across Europe.
The coronavirus pandemic has caused widespread disruption to life across Europe.

Leeds Group has provided a trading update in light of the current global situation with regard to COVID-19.

The statement said: "Our priority remains the health and safety of our employees, clients and consumers.

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"Leeds Group's activities in Germany, Hemmers/Itex Textil Import Export GmbH and Stoff-Ideen-KMR GmbH have been severely affected by the country wide lock down imposed by the German government.

"The wholesale business of Hemmers has been considerably restricted and all retail shops in KMR have been closed until further notice. As a result, the trading results for the three-month period from March to May 2020 will be affected."

"While the directors are taking mitigating actions which includes support from government schemes, the benefit in the current financial year will be limited given the proximity to our May year end.

"Therefore, in addition to the reduced trading announced in our interim statement issued on 3 February 2020, the board expects to report a substantial loss for the financial year to 31 May 2020."

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