Daniel Radcliffe wore Savile Row Eyewear in the Harry Potter film franchise
(Picture: Warner Bros)The maker of iconic glasses worn by John Lennon, Johnny Depp and Daniel Radcliffe in the role of Harry Potter has warned it is “cautious” of the economic outlook for the UK.
Bath-based Inspecs, which owns the Savile Row Eyewear and Algha brands, also believed to have been a favourite of the Queen, said war in Ukraine and high inflation were continuing to pose an issue for the company.
The firm posted a 16% increase in revenues to $146 million (£121 million). It reported a loss of $2.8 million (£2.3 million) as its overseas businesses were hit by currency fluctuations. Sales in the UK nudged up 5% year-on-year, while revenues in South America and Asia more than doubled. The company plans to start construction of a new manufacturing plant in Portugal in a bid to expand its European operations.
Earlier, Savile Row Eyewear said it was suspending manufacturing of its glasses after it was “forced to vacate” its site in Fish Island in Stratford, its home since 1932. Savile Row CEO Robin Totterman said the site, which sits near the Queen Elizabeth Olympic Park was set to be converted from an industrial to a residential building as part of olympic legacy plans. “The Covid lockdown was the last straw. Despite our resistance as tenants, and some success in achieving a delay to this process, the inevitable has now happened,” he said.
Inspecs shares fell 8.8% in early trading Thursday morning. The stock is down 41% since the start of the year.
