London building works hit sales at Royal jeweller Asprey

Jewellery retailer Asprey has a store on Bond Street

Joanna Hodgson9 January 2019

Royal jeweller Asprey on Wednesday blamed a sales slump on construction work in and around its Bond Street shop last year.

The Royal Warrant holder, whose ring was worn by the Duchess of Sussex to her evening wedding reception, posted turnover of £20.2 million for the year to March. That was down from £35.9 million the year before.

In the UK, where a number of retailers are grappling with weaker consumer confidence and higher business rates and wage bills, sales decreased to £10.9 million from £12.6 million.

Chairman John Rigas said changes to the interiors of its Mayfair home, plus street works, “had an expected and significant impact to clients’ ability to access the store”.

The company has been at 167 New Bond Street since 1847.

However, Rigas added: “Trading has resumed at historical levels since the completion of the works.”

Asprey narrowed pre-tax losses to £16.2 million from a £19 million loss.