old

Luxury furnishings group Walker Greenbank says flood damage caused by Storm Desmond last week will mean lower than expected profits.


The group’s Lancaster based Standfast & Barracks fabric printing business suffered substantial water damage as a result of flooding last week.


The Sanderson, Morris & Co, Harlequin, Zoffany, Scion and Anthology brand owner said the plant — which is fully insured — wouldn’t be fully operational again until the spring of next year.


Production will be restored on a phased basis, beginning with digital printing, while the company is also progressing plans to outsource some fabric printing in the short term.


Walker Greenbank said management's current best advice is that digital printing will be restored in the early part of 2016 and that other printing processes will resume sequentially with the intended result that the majority of printing capacity will be back on stream by the end of April 2016.


Year to end January 2016 profits will be 15 per cent lower than originally forecast, the company said, while 2015–16 trading will also be impacted. It added that — in time — it expected to fully make up the shortfall.

To Read The Full Story: