Brexit profit warning from the posh furniture business founded by… David Cameron’s mother-in-law
The posh furniture business started by David Cameron’s mother-in-law and two of her friends has warned that Brexit could hit profits.
Oka said delays at ports, increased customs duties and changes to the employment rights of EU nationals working in the UK are among the risks that could knock its performance in the next year.
The firm, which Samantha Cameron’s mother, Lady Astor, co-founded with designers Lucinda Waterhouse and Sue Jones in 1999, issued the warning as the furniture seller swung into the red.
Posh furniture business Oka was co-founded by Samantha Cameron’s mother, Lady Astor (pictured) and designers Lucinda Waterhouse and Sue Jones in 1999
Oka Direct made a loss of £2.8million on sales of £26.3million in the 11 months to December 29 last year, Companies House filings showed.
This compared with a profit of £1.4million in the year to January 27, 2018, when it racked up £28.7million in sales.
Oka has 15 UK stores and its luxury furniture includes armchairs worth more than £5,000 and wardrobes costing £6,705.
Online orders rose but in-store sales were down 6 per cent over the period.
The company flagged further falls in sterling as another trading risk.