In a move to tackle ongoing financial difficulties, Ann Summers is cutting jobs and securing additional funding.
- The company has recorded a £3.9m loss for the year ending July 2023, despite a slight increase in turnover.
- The Gold family, owners of Ann Summers, have injected millions to support the business’s continuity.
- Approximately 20 to 30 roles have been made redundant as part of cost-cutting measures.
- Leadership changes include the departures of CMO Natalie Amosu and Channels Director Joseph Wright.
Ann Summers, the well-known lingerie and sex toy retailer, is taking decisive action in response to financial pressures by implementing job cuts and enhancing funding. The company recorded a £3.9 million loss in the financial year ending July 2023. However, turnover showed a modest increase from £101 million to £104 million.
The strategic financial support came from the Gold family, who own Ann Summers, through their entity Green Street Holdings. This cash infusion, amounting to £5 million, aims to ensure the brand’s heritage and stability continue in these challenging times. Vanessa Gold, appointed chairman in 2023 following Jacqueline Gold’s passing, has been pivotal in these efforts, expressing a firm commitment to preserving Ann Summers’ legacy.
Job cuts, reported to affect between 20 and 30 roles, are part of Ann Summers’ operational streamlining. The company has stressed that this was a difficult decision driven by necessity. CEO Maria Hollins highlighted the high taxation and rising costs impacting the retail sector, explaining that these changes are crucial to align their cost base with current market conditions.
Amid these organisational changes, there have been notable leadership departures. Natalie Amosu, the Chief Marketing Officer, left the company recently, while Channels Director Joseph Wright exited in September, later joining department store Fenwick. It remains uncertain if these exits were directly related to the redundancy process.
Despite these immediate challenges, Ann Summers has outlined ambitious growth plans targeting both the UK and international markets. Maria Hollins stated that the company continuously explores new opportunities to strengthen the brand.
Ann Summers is navigating financial pressures through strategic job cuts and significant monetary support, aiming for sustained growth.
