Group owned by Dragons’ Den star Touker Suleyman makes just £3,000 profit
A fashion brand owned by Dragons’ Den star Touker Suleyman made a profit of just £3,000 as it returned to the black in 2024, it has been revealed.
The company behind Low Profile posted the pre-tax profit after reporting a loss of £2.6m in 2023.
New accounts filed with Companies House also show that Suleyman’s group ended the year with a turnover of £8.8m, down from the £13.5m it achieved in the prior 12 months.
The business said that “given the economic climate”, the directors made a provision of £778,000 against the receivables from related parties which resulted in the pre-tax profit figure.
On the fall in sales, Suleyman’s brand said: “The movement is in line with our expectations.
“There have been no associated company sales in 2024 and as a result, the total sales has decreased.
“However, sales relating to the Finery label has increased compared to the prior year.”
While no final dividend was paid for the year, an interim dividend of £528,000 was declared, down from £1.1m.
As well as Low Profile, the group includes Lipstick Fashions, Turtex Industries and a property arm.
Touker Suleyman’s group warns of tariffs hit
On its future, the company added: “The branded sales of Finery continue to be promising and encouraging – as a result we would expect these sales to continue to grow.
“Given the current retail trading environment, pressures from the change in tariffs and the continued global conflicts, management expect there will be continued pressure on margins.
“In order to protect margin, the company will continue its efforts to streamline its operations, to improve efficiency and also look for alternative suppliers to cut costs.
“Management are also making every effort to improve the sales from its current level by targeting other existing customers.”
On the current business environment, Suleyman’s group also said: “As a UK-based supplier to retailers, the directors expect the external commercial environment to remain challenging for the coming year.
“However, management remains confident the group and company will be successful in positioning itself within this environment and will succeed in its efforts to keep the group and company profitable.”