Highgrove’s retail arm posts pre-tax loss after Covid forced Prince Charles out of business

0


Highgrove’s retail arm recorded a pre-tax loss of almost £ 900,000 last year after the Covid crisis forced the Prince of Wales to go out of business.

The Prince sells a range of organic food and lifestyle products at two Highgrove stores, one at his estate in Gloucestershire and the other near Tetbury.

Highgrove also has a tea room and organizes tours of its gardens. However, the Covid restrictions meant the gardens only opened for five weeks in the summer of 2020, while the Tetbury store was closed for six months. AG Carrick, the company that runs the retail branch, has not requested any time off or received any special grants or loans.

The decline in trading resulted in a pre-tax loss of £ 866,000 for the last financial year, according to financial statements filed with Companies House. The company made a profit the previous year.

As a result, AG Carrick was unable to donate to the Prince’s charity fund. Instead, the fund made a social investment in the company.

Accounts showed that AG Carrick was donated to the Prince’s Foundation in July, meaning the Foundation will directly receive all profits from shops and tours.

“Steps have been taken to reduce costs and mitigate losses”

In its management report, the company said it has prepared a “cautious reduction scenario” for this summer, based on reduced tours and no event income. “Steps have been taken to reduce costs and mitigate losses while retaining our ability to reopen where possible and safe to do so,” the report said.

Duchy Originals, the organic food line founded by the Prince and now totaling more than 300 products, donated £ 3.6million to the charity fund last year.

The Prince of Wales Charitable Foundation has awarded grants totaling £ 4.91million in the last financial year, according to its accounts. The figure included £ 348,025 in small grants to 93 organizations, many of which face significant challenges as a result of the pandemic.

The Foundation has set up a Covid-19 emergency recovery fund to help projects in disadvantaged communities, improving health and well-being, social inclusion and education.

They include Erskine Hospital, a Scottish veterans charity, Good Companions, a Nottingham charity that offers friendship and home visiting programs for older people facing loneliness and loneliness. social isolation, and Footprints in the Community, in Redcar, which operates a food bank, community cafe and book club aimed at improving children’s literacy.


Share.

About Author

Comments are closed.