Ann Summers cuts jobs as owners pump in £5 million to loss-making chain
The lingerie retailer said it had made a ‘small number’ of its more than 1,000 workforce redundant to cut costs across the group.
Lingerie and sex toy chain Ann Summers has slashed jobs in the face of tough high street trading and further losses as its family owners also pumped in millions of pounds of crucial funding into the business.
The retailer said it had made a “small number” of its more than 1,000 workforce redundant to cut costs across the group.
It is understood up to 30 staff were affected, largely across its head office operations, with employees across its 80 stores not said to be impacted.
Maria Hollins, chief executive of Ann Summers, said: “All retailers are under significant pressure with continuing high taxation and rising costs.
“We have ambitious plans for growth and are always looking at options to bolster the brand in both the UK and internationally, but we also need to ensure our cost base reflects the challenges of today’s high street.
“As a result, we have taken action to reduce costs, which unfortunately included making a small number of colleagues redundant.
“This was not a decision we took lightly.”
It comes as the group also took a £5 million loan from Green Street Holdings – which is controlled by the Gold family, led by chairwoman Vanessa Gold, who was appointed to the role last year following the death of sister and Ann Summers founder Jacqueline Gold.
Ann Summers remained in the red with pre-tax losses of £3.8 million in the year to July 1 2023, down from £21.9 million losses the previous year, according to the latest set of available accounts.
Its turnover increased 4.5% to £104.5 million, with like-for-like sales up 3.4% despite the wider challenges in the retail sector.
Founder Jacqueline Gold died in 2023 aged 62 following seven years of treatment for breast cancer.
The lingerie boss was made a CBE in the 2016 New Year Honours for services to entrepreneurship, women in business and social enterprise.
Her sister Vanessa called her “a trailblazer, a visionary and the most incredible woman” following her death.
In its full-year results published in March, Ms Hollins said: “The loss of Jacqueline has been immeasurable to us and our colleagues, but we, together with Vanessa Gold our executive chair, remain determined to continue her legacy and ensure the growth and success of Ann Summers for the future.”
Ms Gold’s death followed just months after the death of family patriarch and shareholder David Gold.
